To: All Macy’s, Inc. colleagues

From: Tony Spring

Reflections on Our Progress

Dear colleagues,

Happy New Year. I hope you were able to enjoy time over the holidays with family and loved ones. As we are close to the end of fiscal 2025, I wanted to share an update on our progress and how we’re continuing to move the business forward.

Our Strategy Is Working – And the Results Show It

Nearly two years into our Bold New Chapter strategy, the focus of our work remains the same: strengthen our stores, simplify how we operate, and invest in the experiences that matter most to our customers. Today, that work is centered on disciplined execution and continuous improvement, with strategic investments that are guided by what customers value most.

We are seeing customers respond through strong performance in our go-forward business, record Net Promoter Scores, and improved results over the first three quarters. These signals reinforce that the Bold New Chapter is delivering measurable progress.

• Stronger Macy’s stores with our Reimagine 125 stores continuing to outperform – growing comp sales 2.7% in the third quarter – proving the success of elevated merchandising, store design, and customer experience investments.
• Sustained strength in luxury with Bloomingdale’s delivering 9% comp sales growth during the third quarter, it’s strongest in 13 quarters, and Bluemercury delivering its 19th consecutive quarter of comp sales growth.
• Faster, more reliable operations, supported by our modernizing supply chain, including the opening of our most advanced fulfillment facility, improving speed, reliability, and flexibility in how we serve customers.
• Greater focus across the business, strengthened by how our colleagues demonstrate hospitality and care for customers and one another, allowing us to invest more in the stores, capabilities, and experiences that matter most.

Making Targeted Changes to Invest in Our Future

In executing our strategy, we continue to review our portfolio and make careful decisions about where and how we invest, including closing underproductive stores and streamlining operations. These decisions are not made lightly. We communicated directly with affected colleagues first and are providing support, including transfer opportunities where available, as well as severance and outplacement resources where applicable. We thank all those colleagues for their dedication and service to the company.

These targeted changes allow us to focus where it will have the greatest impact – reimagining our best stores, enhancing customer service, expanding our luxury business, and advancing our supply chain capabilities.

Looking Ahead with Confidence

We have made meaningful progress and remain clear-eyed about the work ahead. I also want to recognize the effort and contributions across the company this holiday season. I am confident that, even when our work requires difficult decisions, we will continue to move Macy’s, Inc. forward, delivering for our customers and shareholders.

With gratitude,