Macy : First Quarter 2024 Presentation

1Q24 Earnings

May 21, 2024

Safe Harbor Statement

All statements in this presentation that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy's, Inc.'s management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this presentation because of a variety of factors, including Macy's, Inc.'s ability to successfully implement its A Bold New Chapter strategy, including the ability to realize the anticipated benefits within the expected timeframe or at all, conditions to, or changes in the timing of proposed real estate and other transactions, prevailing interest rates and non-recurring charges, the effect of potential changes to trade policies, store closings, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers' outlets, the Internet and catalogs and general consumer spending levels, including the impact of the availability and level of consumer debt, possible systems failures and/or security breaches, the potential for the incurrence of charges in connection with the impairment of intangible assets, including goodwill, declines in credit card revenues, Macy's, Inc.'s reliance on foreign sources of production, including risks related to the disruption of imports by labor disputes, regional or global health pandemics, and regional political and economic conditions, the effect of weather, inflation, inventory shortage and labor shortages, the amount and timing of future dividends and share repurchases, our ability to execute on our strategies or achieve expectations related to environmental, social, and governance matters, and other factors identified in documents filed by the company with the Securities and Exchange Commission, including under the captions "Forward-Looking Statements" and "Risk Factors" in the company's Annual Report on Form 10-K for the year ended February 3, 2024. Macy's, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

This presentation includes non-GAAP financial measures that exclude the impact of certain financial statement items. Additional important information regarding these non-GAAP financial measures as well as others used in the earnings release can be found on the Investors section of our website and in the appendix of this presentation.

Reading and reacting to the dynamic economicenvironment and competitive landscape

A Bold New Chapter

Three-year plan to return Macy's, Inc. to profitable growth.

Strengthen

Macy's Nameplate

Strengthen Macy's Nameplate

Revitalize Assortment

Offering newness across categories

Category Highlights

• Introduced and expanded distribution in several market brands to address areas of softness in both women's and men's assortments.
• Better-than-expectedaccessories performance, led by women's shoes and fine jewelry, offset by ongoing weakness in handbags.
• Beauty remained a standout and key traffic driver, driven by fragrances.
• Big ticket and home still challenging, although seeing traction in certain categories. Adjusting market and private brand matrix beginning in FY25.

Private Brand Highlights

• Reimagination progressing, completed majority of apparel brand exits, and reimagined and launched several new ones.
• I.N.C. and Style & Co., which have led the initiative, continued to outperform Macy's women's apparel segment year-over-year.
• Refreshing kid's brands in summer 2024, introducing a new men's

Leveraging iconic events to modernize and elevate the omni-channel experience