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On February 26, 2019, Macy’s, Inc. ("Macy’s") issued a press release announcing Macy’s financial condition, results of operations and cash flows as of and for the 13 and 52 weeks ended February 2, 2019. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Macy’s reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The press release referred to above contains non-GAAP financial measures of changes in comparable sales on an owned plus licensed basis, changes in comparable sales on an owned plus licensed basis adjusted for the 53
rd
week calendar shift,
earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted net income and adjusted diluted earnings per share attributable to Macy’s, Inc. shareholders. Adjusted EBITDA, adjusted net income and adjusted diluted earnings per share exclude items consisting of restructuring, impairment, store closing and other costs, settlement charges associated with Macy’s defined benefit plans, losses and gains on the early retirement of debt and the deferred tax effects of federal tax reform. A section has been included at the end of the press release that contains important additional information regarding these non-GAAP financial measures including reconciliation to the most directly comparable GAAP financial measure.
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