Macy's revenue from store monetizations is expected to extend through 2028, with proceeds concentrated within this period, though exact quarterly timing is not specified.
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Can you provide expected timing and quarter-by-quarter proceeds for the remaining $250–$300M of store monetizations through 2026–2028?
From the provided Macy’s earnings transcript excerpts, management confirms the total remaining monetization “to go” is $250M to $300M and frames the remaining store-closure window as extending through 2028. However, the excerpts do not provide a quarter-by-quarter schedule of when those proceeds will be received (e.g., no breakdown by quarter or by fiscal year/quarter for the $250M–$300M). As a result, a true quarter-by-quarter proceeds forecast cannot be derived from these excerpts alone without adding assumptions that the filings do not support.
That said, the excerpts do support a high-level timing boundary and context for why the actual transaction timing may be uneven.
Management states that after monetizing approximately $400M, there is “$250 million to $300 million to go” (within the store monetization initiative). 1
Management says they are “extending the closure timing of the remaining approximately 65 stores through 2028” and references a “3-year time frame” as the relevant window for remaining closures (while noting they “don’t provide in advance closure guidance”). 1
Implication for proceeds timing: because the remaining monetizations are tied to closing/monetizing real estate value, the proceeds would be expected to occur over the 2026–2028 period, but not necessarily evenly by quarter. The excerpt explicitly emphasizes patience to capture favorable real estate markets, which typically makes monetization cadence lumpy rather than smooth. 1
They state they are expanding “cash expectations” for the initiative from a previous $500 million to $650 million to $700 million total, and again tie that to the remaining $250M–$300M “to go” after monetizing about $400M. 1
This gives the aggregate size and remaining size, but still no quarterly proceeds schedule is provided in the excerpt. 1
Management explicitly states they do not provide in advance closure guidance, even while giving a 3-year time frame. 1 That combination usually indicates:
Because the excerpts contain no “Q1/Q2/Q3/Q4” proceeds breakout for the remaining $250M–$300M, any quarter-by-quarter numbers would be unsupported by the filing excerpts.
So, while you cannot produce a defensible quarter-by-quarter proceeds plan from these excerpts, you can say the proceeds are concentrated within fiscal years covering 2026–2028, with cadence likely uneven due to the “patient” approach to “favorable real estate market” realization. 1
If you want a quarter-by-quarter table, you would need excerpts that explicitly quantify monetization proceeds by quarter (e.g., in guidance tables, cash flow/disposition timing schedules, or detailed real-estate disposition disclosures). The current excerpt set does not contain that level of timing detail.
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