Macy’s Inc. shareholders approve board, ratify KPMG as auditor

In a recent 8-K filing with the Securities and Exchange Commission, Macy’s (NYSE:M), Inc. reported the results of its annual shareholder meeting held virtually on May 16, 2025. The meeting saw the approval of all 13 director nominees for a one-year term expiring at the 2026 annual meeting. The board members, including Emilie Arel, Torrence N. Boone, and others, were elected with a significant majority of votes. Additionally, shareholders ratified the appointment of KPMG LLP as Macy’s independent registered public accounting firm for the fiscal year ending January 31, 2026. According to InvestingPro data, Macy’s maintains strong shareholder returns with a 6.07% dividend yield and has maintained dividend payments for 23 consecutive years.

The shareholders also approved the advisory vote on the compensation of Macy’s named executive officers. The results showed a majority in favor, with a smaller proportion against and some abstentions. The specifics of the voting results for each director, the ratification of the accounting firm, and the executive compensation plan were detailed in the filing. InvestingPro analysis reveals the company’s solid financial position, with a current ratio of 1.43 indicating sufficient liquidity to meet short-term obligations.

Macy’s, Inc., headquartered in New York, New York, is a retail giant known for its department stores and is incorporated in Delaware. The company, listed on the New York Stock Exchange under the trading symbol M, has a rich history and has undergone several name changes, having previously been known as Federated Department Stores Inc. and R. H. Macy & Co. Inc.

The SEC filing, signed by Tracy M. Preston, Executive Vice President, Chief Legal Officer and Corporate Secretary of Macy’s, Inc., confirms the official outcomes of the shareholder meeting. The filing provides essential information to investors and the public about the company’s governance and financial oversight. For deeper insights into Macy’s financial health and future prospects, investors can access comprehensive analysis and 14 additional ProTips through InvestingPro’s detailed research reports.

In other recent news, Macy’s announced a regular quarterly dividend of 18.24 cents per share, reflecting its commitment to shareholder returns. The dividend is scheduled for payment on July 1, 2025, to shareholders recorded by June 13, 2025. Meanwhile, Barclays initiated coverage on Macy’s with an Equalweight rating and a $12 price target, citing the company’s "Bold New Chapter" strategy as a positive step amidst structural challenges in the retail sector. In contrast, Goldman Sachs downgraded Macy’s from a "Buy" to a "Neutral" rating, lowering the price target to $12 due to rising macroeconomic uncertainties and cyclicality risks. TD Cowen also adjusted its outlook, maintaining a Hold rating but reducing the price target to $14, noting that while Macy’s earnings per share exceeded expectations, there were concerns about future sales performance.

Additionally, Macy’s appointed Thomas J. Edwards as its new Chief Operating Officer and Chief Financial Officer, effective June 22nd, as part of its strategy to drive long-term growth. Edwards brings extensive experience from his previous role at Capri Holdings (NYSE:CPRI), where he played a key role in significant acquisitions and operational improvements. The company has reiterated its first quarter 2025 guidance, indicating stability in its financial outlook. These developments highlight Macy’s ongoing efforts to navigate the evolving retail landscape and address challenges posed by the current economic environment.

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