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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Macys Inc | NYSE:M | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.1701 | -0.92% | 18.3899 | 18.575 | 18.288 | 18.36 | 3,322,096 | 00:54:24 |
|
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|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
|
|
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Incorporated in Delaware
|
|
I.R.S. Employer Identification No.
|
|
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13-3324058
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Large accelerated filer
ý
|
|
Accelerated filer
o
|
|
Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
|
Smaller reporting
company
o
|
|
Emerging growth company
o
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Class
|
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Outstanding at May 5, 2018
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Common Stock, $0.01 par value per share
|
|
306,370,666 shares
|
|
|
|
|
|
||||
|
13 weeks ended
|
||||||
|
May 5, 2018
|
|
April 29, 2017
|
||||
Net sales
|
$
|
5,541
|
|
|
$
|
5,350
|
|
Credit card revenues, net
|
157
|
|
|
161
|
|
||
|
|
|
|
||||
Cost of sales
|
(3,382
|
)
|
|
(3,303
|
)
|
||
Selling, general and administrative expenses
|
(2,083
|
)
|
|
(2,057
|
)
|
||
Gains on sale of real estate
|
24
|
|
|
68
|
|
||
Impairment and other costs
|
(19
|
)
|
|
—
|
|
||
Operating income
|
238
|
|
|
219
|
|
||
Benefit plan income, net
|
11
|
|
|
13
|
|
||
Interest expense
|
(71
|
)
|
|
(86
|
)
|
||
Premiums on early retirement of debt
|
—
|
|
|
(3
|
)
|
||
Interest income
|
5
|
|
|
2
|
|
||
Income before income taxes
|
183
|
|
|
145
|
|
||
Federal, state and local income tax expense
|
(52
|
)
|
|
(68
|
)
|
||
Net income
|
131
|
|
|
77
|
|
||
Net loss attributable to noncontrolling interest
|
8
|
|
|
1
|
|
||
Net income attributable to Macy's, Inc. shareholders
|
$
|
139
|
|
|
$
|
78
|
|
Basic earnings per share attributable to Macy's, Inc. shareholders
|
$
|
.45
|
|
|
$
|
.26
|
|
Diluted earnings per share attributable to Macy's, Inc. shareholders
|
$
|
.45
|
|
|
$
|
.26
|
|
|
|
|
|
||||
|
13 weeks ended
|
||||||
|
May 5, 2018
|
|
April 29, 2017
|
||||
Net income
|
$
|
131
|
|
|
$
|
77
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Amortization of net actuarial loss and prior service credit on post employment and postretirement benefit plans included in net income, before tax
|
9
|
|
|
9
|
|
||
Tax effect related to items of other comprehensive income (loss)
|
(2
|
)
|
|
(3
|
)
|
||
Total other comprehensive income, net of tax effect
|
7
|
|
|
6
|
|
||
Comprehensive income
|
138
|
|
|
83
|
|
||
Comprehensive loss attributable to noncontrolling interest
|
8
|
|
|
1
|
|
||
Comprehensive income attributable to
Macy's, Inc. shareholders |
$
|
146
|
|
|
$
|
84
|
|
|
|
|
|
|
|
||||||
|
May 5, 2018
|
|
February 3, 2018
|
|
April 29, 2017
|
||||||
ASSETS
|
|
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|
||||||
Current Assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
1,531
|
|
|
$
|
1,455
|
|
|
$
|
1,201
|
|
Receivables
|
250
|
|
|
363
|
|
|
345
|
|
|||
Merchandise inventories
|
5,291
|
|
|
5,178
|
|
|
5,626
|
|
|||
Prepaid expenses and other current assets
|
638
|
|
|
650
|
|
|
634
|
|
|||
Total Current Assets
|
7,710
|
|
|
7,646
|
|
|
7,806
|
|
|||
Property and Equipment - net of accumulated depreciation and
amortization of $4,765, $4,610 and $5,013 |
6,575
|
|
|
6,672
|
|
|
6,886
|
|
|||
Goodwill
|
3,908
|
|
|
3,897
|
|
|
3,897
|
|
|||
Other Intangible Assets – net
|
486
|
|
|
488
|
|
|
496
|
|
|||
Other Assets
|
889
|
|
|
880
|
|
|
793
|
|
|||
Total Assets
|
$
|
19,568
|
|
|
$
|
19,583
|
|
|
$
|
19,878
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
||||||
Current Liabilities:
|
|
|
|
|
|
||||||
Short-term debt
|
$
|
25
|
|
|
$
|
22
|
|
|
$
|
313
|
|
Merchandise accounts payable
|
2,045
|
|
|
1,590
|
|
|
2,028
|
|
|||
Accounts payable and accrued liabilities
|
2,695
|
|
|
3,271
|
|
|
3,042
|
|
|||
Income taxes
|
312
|
|
|
296
|
|
|
355
|
|
|||
Total Current Liabilities
|
5,077
|
|
|
5,179
|
|
|
5,738
|
|
|||
Long-Term Debt
|
5,857
|
|
|
5,861
|
|
|
6,412
|
|
|||
Deferred Income Taxes
|
1,169
|
|
|
1,148
|
|
|
1,522
|
|
|||
Other Liabilities
|
1,664
|
|
|
1,662
|
|
|
1,846
|
|
|||
Shareholders' Equity:
|
|
|
|
|
|
||||||
Macy's, Inc.
|
5,821
|
|
|
5,745
|
|
|
4,362
|
|
|||
Noncontrolling interest
|
(20
|
)
|
|
(12
|
)
|
|
(2
|
)
|
|||
Total Shareholders’ Equity
|
5,801
|
|
|
5,733
|
|
|
4,360
|
|
|||
Total Liabilities and Shareholders’ Equity
|
$
|
19,568
|
|
|
$
|
19,583
|
|
|
$
|
19,878
|
|
|
|
|
|
||||
|
13 weeks ended
|
||||||
|
May 5, 2018
|
|
April 29, 2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
131
|
|
|
$
|
77
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Impairment and other costs
|
19
|
|
|
—
|
|
||
Depreciation and amortization
|
235
|
|
|
243
|
|
||
Stock-based compensation expense
|
17
|
|
|
13
|
|
||
Gains on sale of real estate
|
(24
|
)
|
|
(68
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Decrease in receivables
|
105
|
|
|
170
|
|
||
Increase in merchandise inventories
|
(115
|
)
|
|
(227
|
)
|
||
Increase in prepaid expenses and other current assets
|
(20
|
)
|
|
(16
|
)
|
||
Increase in merchandise accounts payable
|
415
|
|
|
573
|
|
||
Decrease in accounts payable, accrued liabilities
and other items not separately identified |
(444
|
)
|
|
(545
|
)
|
||
Increase in current income taxes
|
25
|
|
|
3
|
|
||
Increase in deferred income taxes
|
19
|
|
|
41
|
|
||
Change in other assets and liabilities not separately identified
|
(41
|
)
|
|
(27
|
)
|
||
Net cash provided by operating activities
|
322
|
|
|
237
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchase of property and equipment
|
(132
|
)
|
|
(117
|
)
|
||
Capitalized software
|
(58
|
)
|
|
(60
|
)
|
||
Disposition of property and equipment
|
23
|
|
|
96
|
|
||
Other, net
|
11
|
|
|
21
|
|
||
Net cash used by investing activities
|
(156
|
)
|
|
(60
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Debt repaid
|
(3
|
)
|
|
(152
|
)
|
||
Dividends paid
|
(116
|
)
|
|
(115
|
)
|
||
Decrease in outstanding checks
|
(10
|
)
|
|
(10
|
)
|
||
Acquisition of treasury stock
|
—
|
|
|
(1
|
)
|
||
Issuance of common stock
|
28
|
|
|
2
|
|
||
Proceeds from noncontrolling interest
|
2
|
|
|
3
|
|
||
Net cash used by financing activities
|
(99
|
)
|
|
(273
|
)
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
67
|
|
|
(96
|
)
|
||
Cash, cash equivalents and restricted cash beginning of period
|
1,513
|
|
|
1,334
|
|
||
Cash, cash equivalents and restricted cash end of period
|
$
|
1,580
|
|
|
$
|
1,238
|
|
Supplemental cash flow information:
|
|
|
|
||||
Interest paid
|
$
|
65
|
|
|
$
|
76
|
|
Interest received
|
5
|
|
|
2
|
|
||
Income taxes paid (net of refunds received)
|
8
|
|
|
16
|
|
|
|
|
13 weeks ended
|
||||||
Net sales by family of business
|
May 5, 2018
|
|
April 29, 2017
|
||||
|
(millions)
|
||||||
Women's Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances
|
$
|
2,165
|
|
|
$
|
2,069
|
|
Women's Apparel
|
1,354
|
|
|
1,333
|
|
||
Men's and Children's
|
1,175
|
|
|
1,115
|
|
||
Home/Other
(a)
|
847
|
|
|
833
|
|
||
Total
|
$
|
5,541
|
|
|
$
|
5,350
|
|
|
|
|
13 weeks ended
|
||||||||||||||||||||
|
May 5, 2018
|
|
April 29, 2017
|
||||||||||||||||||
|
Net
Income |
|
|
|
Shares
|
|
Net
Income |
|
|
|
Shares
|
||||||||||
|
(millions, except per share data)
|
||||||||||||||||||||
Net income attributable to Macy's, Inc. shareholders and
average number of shares outstanding |
$
|
139
|
|
|
|
|
305.7
|
|
|
$
|
78
|
|
|
|
|
304.3
|
|
||||
Shares to be issued under deferred
compensation and other plans |
|
|
|
|
0.9
|
|
|
|
|
|
|
0.7
|
|
||||||||
|
$
|
139
|
|
|
|
|
306.6
|
|
|
$
|
78
|
|
|
|
|
305.0
|
|
||||
Basic earnings per share attributable to
Macy's, Inc. shareholders |
|
|
$
|
.45
|
|
|
|
|
|
|
$
|
.26
|
|
|
|
||||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock options, restricted stock and restricted stock units
|
|
|
|
|
2.8
|
|
|
|
|
|
|
1.9
|
|
||||||||
|
$
|
139
|
|
|
|
|
309.4
|
|
|
$
|
78
|
|
|
|
|
306.9
|
|
||||
Diluted earnings per share attributable to
Macy's, Inc. shareholders |
|
|
$
|
.45
|
|
|
|
|
|
|
$
|
.26
|
|
|
|
|
13 weeks ended
|
||||||
|
May 5, 2018
|
|
April 29, 2017
|
||||
|
(millions)
|
||||||
6.375% Senior notes due 2037
|
$
|
—
|
|
|
$
|
135
|
|
6.7% Senior debentures due 2034
|
—
|
|
|
11
|
|
||
9.5% amortizing debentures due 2021
|
2
|
|
|
2
|
|
||
9.75% amortizing debentures due 2021
|
1
|
|
|
1
|
|
||
|
$
|
3
|
|
|
$
|
149
|
|
|
|
13 weeks ended
|
||||||
|
May 5, 2018
|
|
April 29, 2017
|
||||
|
(millions)
|
||||||
401(k) Qualified Defined Contribution Plan
|
$
|
23
|
|
|
$
|
21
|
|
|
|
|
|
||||
Non-Qualified Defined Contribution Plan
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||||
Pension Plan
|
|
|
|
||||
Service cost
|
$
|
2
|
|
|
$
|
1
|
|
Interest cost
|
26
|
|
|
27
|
|
||
Expected return on assets
|
(53
|
)
|
|
(56
|
)
|
||
Recognition of net actuarial loss
|
8
|
|
|
8
|
|
||
Amortization of prior service credit
|
—
|
|
|
—
|
|
||
|
$
|
(17
|
)
|
|
$
|
(20
|
)
|
Supplementary Retirement Plan
|
|
|
|
||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
6
|
|
|
6
|
|
||
Recognition of net actuarial loss
|
2
|
|
|
2
|
|
||
Amortization of prior service cost
|
—
|
|
|
—
|
|
||
|
$
|
8
|
|
|
$
|
8
|
|
|
|
|
|
||||
Total Retirement Expense
|
$
|
14
|
|
|
$
|
9
|
|
|
|
|
|
||||
Postretirement Obligations
|
|
|
|
||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
1
|
|
|
1
|
|
||
Recognition of net actuarial gain
|
(1
|
)
|
|
(1
|
)
|
||
Amortization of prior service credit
|
—
|
|
|
—
|
|
||
|
$
|
—
|
|
|
$
|
—
|
|
|
|
May 5, 2018
|
|
April 29, 2017
|
||||||||||||||||||||||||||||
|
|
|
Fair Value Measurements
|
|
|
|
Fair Value Measurements
|
||||||||||||||||||||||||
|
Total
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||
Marketable equity and debt securities
|
$
|
96
|
|
|
$
|
25
|
|
|
$
|
71
|
|
|
$
|
—
|
|
|
$
|
90
|
|
|
$
|
21
|
|
|
$
|
69
|
|
|
$
|
—
|
|
|
May 5, 2018
|
|
April 29, 2017
|
||||||||||||||||||||
|
Notional
Amount
|
|
Carrying
Amount
|
|
Fair
Value
|
|
Notional
Amount
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Long-term debt
|
$
|
5,803
|
|
|
$
|
5,832
|
|
|
$
|
5,621
|
|
|
$
|
6,310
|
|
|
$
|
6,385
|
|
|
$
|
6,251
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
2,008
|
|
|
$
|
5,363
|
|
|
$
|
(1,830
|
)
|
|
$
|
5,541
|
|
Credit card revenues (expense), net
|
—
|
|
|
(6
|
)
|
|
163
|
|
|
—
|
|
|
157
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of sales
|
—
|
|
|
(1,320
|
)
|
|
(3,892
|
)
|
|
1,830
|
|
|
(3,382
|
)
|
|||||
Selling, general and administrative expenses
|
—
|
|
|
(828
|
)
|
|
(1,255
|
)
|
|
—
|
|
|
(2,083
|
)
|
|||||
Gains on sale of real estate
|
—
|
|
|
23
|
|
|
1
|
|
|
—
|
|
|
24
|
|
|||||
Impairment and other costs
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
(19
|
)
|
|||||
Operating income (loss)
|
—
|
|
|
(123
|
)
|
|
361
|
|
|
—
|
|
|
238
|
|
|||||
Benefit plan income, net
|
—
|
|
|
4
|
|
|
7
|
|
|
—
|
|
|
11
|
|
|||||
Interest (expense) income, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
External
|
4
|
|
|
(71
|
)
|
|
1
|
|
|
—
|
|
|
(66
|
)
|
|||||
Intercompany
|
—
|
|
|
(18
|
)
|
|
18
|
|
|
—
|
|
|
—
|
|
|||||
Equity in earnings of subsidiaries
|
136
|
|
|
102
|
|
|
—
|
|
|
(238
|
)
|
|
—
|
|
|||||
Income (loss) before income taxes
|
140
|
|
|
(106
|
)
|
|
387
|
|
|
(238
|
)
|
|
183
|
|
|||||
Federal, state and local income
tax benefit (expense) |
(1
|
)
|
|
37
|
|
|
(88
|
)
|
|
—
|
|
|
(52
|
)
|
|||||
Net income (loss)
|
139
|
|
|
(69
|
)
|
|
299
|
|
|
(238
|
)
|
|
131
|
|
|||||
Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|||||
Net income (loss) attributable to
Macy's, Inc. shareholders |
$
|
139
|
|
|
$
|
(69
|
)
|
|
$
|
307
|
|
|
$
|
(238
|
)
|
|
$
|
139
|
|
Comprehensive income (loss)
|
$
|
146
|
|
|
$
|
(63
|
)
|
|
$
|
303
|
|
|
$
|
(248
|
)
|
|
$
|
138
|
|
Comprehensive loss attributable to
noncontrolling interest |
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|||||
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$
|
146
|
|
|
$
|
(63
|
)
|
|
$
|
311
|
|
|
$
|
(248
|
)
|
|
$
|
146
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
2,064
|
|
|
$
|
5,130
|
|
|
$
|
(1,844
|
)
|
|
$
|
5,350
|
|
Credit card revenues (expense), net
|
—
|
|
|
(6
|
)
|
|
167
|
|
|
—
|
|
|
161
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of sales
|
—
|
|
|
(1,386
|
)
|
|
(3,761
|
)
|
|
1,844
|
|
|
(3,303
|
)
|
|||||
Selling, general and administrative expenses
|
(1
|
)
|
|
(767
|
)
|
|
(1,289
|
)
|
|
—
|
|
|
(2,057
|
)
|
|||||
Gains on sale of real estate
|
—
|
|
|
65
|
|
|
3
|
|
|
—
|
|
|
68
|
|
|||||
Operating income (loss)
|
(1
|
)
|
|
(30
|
)
|
|
250
|
|
|
—
|
|
|
219
|
|
|||||
Benefit plan income, net
|
—
|
|
|
5
|
|
|
8
|
|
|
—
|
|
|
13
|
|
|||||
Interest (expense) income, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
External
|
1
|
|
|
(85
|
)
|
|
—
|
|
|
—
|
|
|
(84
|
)
|
|||||
Intercompany
|
—
|
|
|
(34
|
)
|
|
34
|
|
|
—
|
|
|
—
|
|
|||||
Premiums on early retirement of debt
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||
Equity in earnings of subsidiaries
|
78
|
|
|
1
|
|
|
—
|
|
|
(79
|
)
|
|
—
|
|
|||||
Income (loss) before income taxes
|
78
|
|
|
(146
|
)
|
|
292
|
|
|
(79
|
)
|
|
145
|
|
|||||
Federal, state and local income
tax benefit (expense) |
—
|
|
|
26
|
|
|
(94
|
)
|
|
—
|
|
|
(68
|
)
|
|||||
Net income (loss)
|
78
|
|
|
(120
|
)
|
|
198
|
|
|
(79
|
)
|
|
77
|
|
|||||
Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Net income (loss) attributable to
Macy's, Inc. shareholders |
$
|
78
|
|
|
$
|
(120
|
)
|
|
$
|
199
|
|
|
$
|
(79
|
)
|
|
$
|
78
|
|
Comprehensive income (loss)
|
$
|
84
|
|
|
$
|
(114
|
)
|
|
$
|
202
|
|
|
$
|
(89
|
)
|
|
$
|
83
|
|
Comprehensive loss attributable to
noncontrolling interest |
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$
|
84
|
|
|
$
|
(114
|
)
|
|
$
|
203
|
|
|
$
|
(89
|
)
|
|
$
|
84
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
ASSETS:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
1,070
|
|
|
$
|
79
|
|
|
$
|
382
|
|
|
$
|
—
|
|
|
$
|
1,531
|
|
Receivables
|
—
|
|
|
48
|
|
|
202
|
|
|
—
|
|
|
250
|
|
|||||
Merchandise inventories
|
—
|
|
|
2,283
|
|
|
3,008
|
|
|
—
|
|
|
5,291
|
|
|||||
Prepaid expenses and other current assets
|
—
|
|
|
150
|
|
|
488
|
|
|
—
|
|
|
638
|
|
|||||
Total Current Assets
|
1,070
|
|
|
2,560
|
|
|
4,080
|
|
|
—
|
|
|
7,710
|
|
|||||
Property and Equipment – net
|
—
|
|
|
3,298
|
|
|
3,277
|
|
|
—
|
|
|
6,575
|
|
|||||
Goodwill
|
—
|
|
|
3,326
|
|
|
582
|
|
|
—
|
|
|
3,908
|
|
|||||
Other Intangible Assets – net
|
—
|
|
|
43
|
|
|
443
|
|
|
—
|
|
|
486
|
|
|||||
Other Assets
|
1
|
|
|
96
|
|
|
792
|
|
|
—
|
|
|
889
|
|
|||||
Deferred Income Taxes
|
5
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|||||
Intercompany Receivable
|
1,156
|
|
|
—
|
|
|
2,113
|
|
|
(3,269
|
)
|
|
—
|
|
|||||
Investment in Subsidiaries
|
3,975
|
|
|
4,232
|
|
|
—
|
|
|
(8,207
|
)
|
|
—
|
|
|||||
Total Assets
|
$
|
6,207
|
|
|
$
|
13,555
|
|
|
$
|
11,287
|
|
|
$
|
(11,481
|
)
|
|
$
|
19,568
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term debt
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
25
|
|
Merchandise accounts payable
|
—
|
|
|
896
|
|
|
1,149
|
|
|
—
|
|
|
2,045
|
|
|||||
Accounts payable and accrued liabilities
|
109
|
|
|
784
|
|
|
1,802
|
|
|
—
|
|
|
2,695
|
|
|||||
Income taxes
|
253
|
|
|
35
|
|
|
24
|
|
|
—
|
|
|
312
|
|
|||||
Total Current Liabilities
|
362
|
|
|
1,721
|
|
|
2,994
|
|
|
—
|
|
|
5,077
|
|
|||||
Long-Term Debt
|
—
|
|
|
5,841
|
|
|
16
|
|
|
—
|
|
|
5,857
|
|
|||||
Intercompany Payable
|
—
|
|
|
3,269
|
|
|
—
|
|
|
(3,269
|
)
|
|
—
|
|
|||||
Deferred Income Taxes
|
—
|
|
|
570
|
|
|
604
|
|
|
(5
|
)
|
|
1,169
|
|
|||||
Other Liabilities
|
24
|
|
|
416
|
|
|
1,224
|
|
|
—
|
|
|
1,664
|
|
|||||
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Macy's, Inc.
|
5,821
|
|
|
1,738
|
|
|
6,469
|
|
|
(8,207
|
)
|
|
5,821
|
|
|||||
Noncontrolling Interest
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
(20
|
)
|
|||||
Total Shareholders' Equity
|
5,821
|
|
|
1,738
|
|
|
6,449
|
|
|
(8,207
|
)
|
|
5,801
|
|
|||||
Total Liabilities and Shareholders' Equity
|
$
|
6,207
|
|
|
$
|
13,555
|
|
|
$
|
11,287
|
|
|
$
|
(11,481
|
)
|
|
$
|
19,568
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
ASSETS:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
779
|
|
|
$
|
99
|
|
|
$
|
323
|
|
|
$
|
—
|
|
|
$
|
1,201
|
|
Receivables
|
—
|
|
|
118
|
|
|
227
|
|
|
—
|
|
|
345
|
|
|||||
Merchandise inventories
|
—
|
|
|
2,560
|
|
|
3,066
|
|
|
—
|
|
|
5,626
|
|
|||||
Prepaid expenses and other current assets
|
—
|
|
|
150
|
|
|
484
|
|
|
—
|
|
|
634
|
|
|||||
Total Current Assets
|
779
|
|
|
2,927
|
|
|
4,100
|
|
|
—
|
|
|
7,806
|
|
|||||
Property and Equipment – net
|
—
|
|
|
3,479
|
|
|
3,407
|
|
|
—
|
|
|
6,886
|
|
|||||
Goodwill
|
—
|
|
|
3,315
|
|
|
582
|
|
|
—
|
|
|
3,897
|
|
|||||
Other Intangible Assets – net
|
—
|
|
|
49
|
|
|
447
|
|
|
—
|
|
|
496
|
|
|||||
Other Assets
|
—
|
|
|
45
|
|
|
748
|
|
|
—
|
|
|
793
|
|
|||||
Deferred Income Taxes
|
24
|
|
|
—
|
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
|||||
Intercompany Receivable
|
902
|
|
|
—
|
|
|
2,092
|
|
|
(2,994
|
)
|
|
—
|
|
|||||
Investment in Subsidiaries
|
3,063
|
|
|
3,598
|
|
|
—
|
|
|
(6,661
|
)
|
|
—
|
|
|||||
Total Assets
|
$
|
4,768
|
|
|
$
|
13,413
|
|
|
$
|
11,376
|
|
|
$
|
(9,679
|
)
|
|
$
|
19,878
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term debt
|
$
|
—
|
|
|
$
|
306
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
313
|
|
Merchandise accounts payable
|
—
|
|
|
841
|
|
|
1,187
|
|
|
—
|
|
|
2,028
|
|
|||||
Accounts payable and accrued liabilities
|
22
|
|
|
962
|
|
|
2,058
|
|
|
—
|
|
|
3,042
|
|
|||||
Income taxes
|
317
|
|
|
6
|
|
|
32
|
|
|
—
|
|
|
355
|
|
|||||
Total Current Liabilities
|
339
|
|
|
2,115
|
|
|
3,284
|
|
|
—
|
|
|
5,738
|
|
|||||
Long-Term Debt
|
—
|
|
|
6,395
|
|
|
17
|
|
|
—
|
|
|
6,412
|
|
|||||
Intercompany Payable
|
—
|
|
|
2,994
|
|
|
—
|
|
|
(2,994
|
)
|
|
—
|
|
|||||
Deferred Income Taxes
|
—
|
|
|
733
|
|
|
813
|
|
|
(24
|
)
|
|
1,522
|
|
|||||
Other Liabilities
|
67
|
|
|
498
|
|
|
1,281
|
|
|
—
|
|
|
1,846
|
|
|||||
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Macy's, Inc.
|
4,362
|
|
|
678
|
|
|
5,983
|
|
|
(6,661
|
)
|
|
4,362
|
|
|||||
Noncontrolling Interest
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||||
Total Shareholders' Equity
|
4,362
|
|
|
678
|
|
|
5,981
|
|
|
(6,661
|
)
|
|
4,360
|
|
|||||
Total Liabilities and Shareholders' Equity
|
$
|
4,768
|
|
|
$
|
13,413
|
|
|
$
|
11,376
|
|
|
$
|
(9,679
|
)
|
|
$
|
19,878
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
ASSETS:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
1,109
|
|
|
$
|
58
|
|
|
$
|
288
|
|
|
$
|
—
|
|
|
$
|
1,455
|
|
Receivables
|
—
|
|
|
85
|
|
|
278
|
|
|
—
|
|
|
363
|
|
|||||
Merchandise inventories
|
—
|
|
|
2,344
|
|
|
2,834
|
|
|
—
|
|
|
5,178
|
|
|||||
Prepaid expenses and other current assets
|
—
|
|
|
165
|
|
|
485
|
|
|
—
|
|
|
650
|
|
|||||
Total Current Assets
|
1,109
|
|
|
2,652
|
|
|
3,885
|
|
|
—
|
|
|
7,646
|
|
|||||
Property and Equipment – net
|
—
|
|
|
3,349
|
|
|
3,323
|
|
|
—
|
|
|
6,672
|
|
|||||
Goodwill
|
—
|
|
|
3,315
|
|
|
582
|
|
|
—
|
|
|
3,897
|
|
|||||
Other Intangible Assets – net
|
—
|
|
|
44
|
|
|
444
|
|
|
—
|
|
|
488
|
|
|||||
Other Assets
|
1
|
|
|
89
|
|
|
790
|
|
|
—
|
|
|
880
|
|
|||||
Deferred Income Taxes
|
11
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|||||
Intercompany Receivable
|
884
|
|
|
—
|
|
|
2,388
|
|
|
(3,272
|
)
|
|
—
|
|
|||||
Investment in Subsidiaries
|
4,032
|
|
|
4,126
|
|
|
—
|
|
|
(8,158
|
)
|
|
—
|
|
|||||
Total Assets
|
$
|
6,037
|
|
|
$
|
13,575
|
|
|
$
|
11,412
|
|
|
$
|
(11,441
|
)
|
|
$
|
19,583
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term debt
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
22
|
|
Merchandise accounts payable
|
—
|
|
|
653
|
|
|
937
|
|
|
—
|
|
|
1,590
|
|
|||||
Accounts payable and accrued liabilities
|
159
|
|
|
980
|
|
|
2,132
|
|
|
—
|
|
|
3,271
|
|
|||||
Income taxes
|
113
|
|
|
30
|
|
|
153
|
|
|
—
|
|
|
296
|
|
|||||
Total Current Liabilities
|
272
|
|
|
1,669
|
|
|
3,238
|
|
|
—
|
|
|
5,179
|
|
|||||
Long-Term Debt
|
—
|
|
|
5,844
|
|
|
17
|
|
|
—
|
|
|
5,861
|
|
|||||
Intercompany Payable
|
—
|
|
|
3,272
|
|
|
—
|
|
|
(3,272
|
)
|
|
—
|
|
|||||
Deferred Income Taxes
|
—
|
|
|
559
|
|
|
600
|
|
|
(11
|
)
|
|
1,148
|
|
|||||
Other Liabilities
|
20
|
|
|
430
|
|
|
1,212
|
|
|
—
|
|
|
1,662
|
|
|||||
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Macy's, Inc.
|
5,745
|
|
|
1,801
|
|
|
6,357
|
|
|
(8,158
|
)
|
|
5,745
|
|
|||||
Noncontrolling Interest
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
|||||
Total Shareholders' Equity
|
5,745
|
|
|
1,801
|
|
|
6,345
|
|
|
(8,158
|
)
|
|
5,733
|
|
|||||
Total Liabilities and Shareholders' Equity
|
$
|
6,037
|
|
|
$
|
13,575
|
|
|
$
|
11,412
|
|
|
$
|
(11,441
|
)
|
|
$
|
19,583
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
$
|
139
|
|
|
$
|
(69
|
)
|
|
$
|
299
|
|
|
$
|
(238
|
)
|
|
$
|
131
|
|
Impairment and other costs
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
|||||
Equity in earnings of subsidiaries
|
(136
|
)
|
|
(102
|
)
|
|
—
|
|
|
238
|
|
|
—
|
|
|||||
Dividends received from subsidiaries
|
200
|
|
|
—
|
|
|
—
|
|
|
(200
|
)
|
|
—
|
|
|||||
Depreciation and amortization
|
—
|
|
|
82
|
|
|
153
|
|
|
—
|
|
|
235
|
|
|||||
Gains on sale of real estate
|
—
|
|
|
(23
|
)
|
|
(1
|
)
|
|
—
|
|
|
(24
|
)
|
|||||
Changes in assets, liabilities and other items not separately identified
|
150
|
|
|
175
|
|
|
(364
|
)
|
|
—
|
|
|
(39
|
)
|
|||||
Net cash provided by operating activities
|
353
|
|
|
63
|
|
|
106
|
|
|
(200
|
)
|
|
322
|
|
|||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase of property and equipment and capitalized software, net of dispositions
|
—
|
|
|
(50
|
)
|
|
(117
|
)
|
|
—
|
|
|
(167
|
)
|
|||||
Other, net
|
—
|
|
|
(10
|
)
|
|
21
|
|
|
—
|
|
|
11
|
|
|||||
Net cash used by investing activities
|
—
|
|
|
(60
|
)
|
|
(96
|
)
|
|
—
|
|
|
(156
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt repaid
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||
Dividends paid
|
(116
|
)
|
|
—
|
|
|
(200
|
)
|
|
200
|
|
|
(116
|
)
|
|||||
Issuance of common stock, net of common stock acquired
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|||||
Proceeds from noncontrolling interest
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|||||
Intercompany activity, net
|
(254
|
)
|
|
(10
|
)
|
|
264
|
|
|
—
|
|
|
—
|
|
|||||
Other, net
|
(50
|
)
|
|
23
|
|
|
17
|
|
|
—
|
|
|
(10
|
)
|
|||||
Net cash provided (used) by financing activities
|
(392
|
)
|
|
10
|
|
|
83
|
|
|
200
|
|
|
(99
|
)
|
|||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
(39
|
)
|
|
13
|
|
|
93
|
|
|
—
|
|
|
67
|
|
|||||
Cash, cash equivalents and restricted cash at beginning of period
|
1,109
|
|
|
79
|
|
|
325
|
|
|
—
|
|
|
1,513
|
|
|||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
1,070
|
|
|
$
|
92
|
|
|
$
|
418
|
|
|
$
|
—
|
|
|
$
|
1,580
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
$
|
78
|
|
|
$
|
(120
|
)
|
|
$
|
198
|
|
|
$
|
(79
|
)
|
|
$
|
77
|
|
Equity in earnings of subsidiaries
|
(78
|
)
|
|
(1
|
)
|
|
—
|
|
|
79
|
|
|
—
|
|
|||||
Dividends received from subsidiaries
|
211
|
|
|
—
|
|
|
—
|
|
|
(211
|
)
|
|
—
|
|
|||||
Depreciation and amortization
|
—
|
|
|
89
|
|
|
154
|
|
|
—
|
|
|
243
|
|
|||||
Gains on sale of real estate
|
—
|
|
|
(65
|
)
|
|
(3
|
)
|
|
—
|
|
|
(68
|
)
|
|||||
Changes in assets, liabilities and other items not separately identified
|
251
|
|
|
241
|
|
|
(507
|
)
|
|
—
|
|
|
(15
|
)
|
|||||
Net cash provided (used) by operating activities
|
462
|
|
|
144
|
|
|
(158
|
)
|
|
(211
|
)
|
|
237
|
|
|||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase of property and equipment and capitalized software, net of dispositions
|
—
|
|
|
58
|
|
|
(139
|
)
|
|
—
|
|
|
(81
|
)
|
|||||
Other, net
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
21
|
|
|||||
Net cash provided (used) by investing activities
|
—
|
|
|
58
|
|
|
(118
|
)
|
|
—
|
|
|
(60
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt repaid
|
—
|
|
|
(152
|
)
|
|
—
|
|
|
—
|
|
|
(152
|
)
|
|||||
Dividends paid
|
(115
|
)
|
|
—
|
|
|
(211
|
)
|
|
211
|
|
|
(115
|
)
|
|||||
Issuance of common stock, net of common stock acquired
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Proceeds from noncontrolling interest
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||
Intercompany activity, net
|
(515
|
)
|
|
(1
|
)
|
|
516
|
|
|
—
|
|
|
—
|
|
|||||
Other, net
|
8
|
|
|
(31
|
)
|
|
13
|
|
|
—
|
|
|
(10
|
)
|
|||||
Net cash provided (used) by
financing activities |
(621
|
)
|
|
(184
|
)
|
|
321
|
|
|
211
|
|
|
(273
|
)
|
|||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
(159
|
)
|
|
18
|
|
|
45
|
|
|
—
|
|
|
(96
|
)
|
|||||
Cash, cash equivalents and restricted cash at beginning of period
|
938
|
|
|
81
|
|
|
315
|
|
|
—
|
|
|
1,334
|
|
|||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
779
|
|
|
$
|
99
|
|
|
$
|
360
|
|
|
$
|
—
|
|
|
$
|
1,238
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
The Company added a tender-neutral option to the Macy's Star Rewards loyalty program to facilitate brand engagement, increase retention and provide rewards to its customers regardless of payment choice.
|
•
|
As part of the expansion of Backstage, Macy's off-price business, the Company opened 18 new Backstage locations within existing Macy’s stores. This expansion brings the total Backstage locations to 70 (7 freestanding and 63 inside Macy's stores) as of May 5, 2018. The Company expects to open approximately 40 more locations inside Macy's stores in the second quarter of 2018 and approximately 100 in total during fiscal 2018.
|
•
|
To enable the growth of its vendor direct program (i.e., e-commerce merchandise purchased from the Company's digital applications and websites and shipped directly from the respective vendor), the Company has partnered with CommerceHub to significantly increase the available online merchandise assortment (i.e., create an endless aisle) in select departments throughout the rest of fiscal 2018.
|
•
|
The Company's focus and development on product, presentation, process, promotion and people has begun at its Growth50 locations. The Growth50 locations represent a mix of 50 stores of varying size and geography where the Company is accelerating the implementation of numerous successful store initiatives tested in 2017, including facilities upgrades, merchandising strategies and localized marketing plans. Such activities are expected to be complete before the commencement of the 2018 holiday shopping season.
|
•
|
Throughout fiscal 2018, more options will be provided to customers for pick-up, delivery and checkout at Macy's, including the expansion of Buy Online Pickup in Store, Buy Online Ship to Store, At Your Service counters and mobile checkout.
|
|
|
First Quarter of 2018
|
|
|
First Quarter of 2017
|
|
|
||||||||||
|
|
Amount
|
|
% to Sales
|
|
|
Amount
|
|
% to Sales
|
|
|
||||||
|
|
(dollars in millions, except per share figures)
|
|||||||||||||||
Net sales
|
|
$
|
5,541
|
|
|
|
|
|
$
|
5,350
|
|
|
|
|
|
||
Increase (decrease) in comparable sales
|
|
3.9
|
|
%
|
|
|
(5.2
|
)
|
%
|
|
|
||||||
Credit card revenues, net
|
|
157
|
|
|
2.8
|
|
%
|
161
|
|
|
3.0
|
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales
|
|
(3,382
|
)
|
|
(61.0
|
)
|
%
|
(3,303
|
)
|
|
(61.7
|
)
|
%
|
||||
Selling, general and administrative expenses
|
|
(2,083
|
)
|
|
(37.6
|
)
|
%
|
(2,057
|
)
|
|
(38.5
|
)
|
%
|
||||
Gains on sale of real estate
|
|
24
|
|
|
0.4
|
|
%
|
68
|
|
|
1.3
|
|
%
|
||||
Impairment and other costs
|
|
(19
|
)
|
|
(0.3
|
)
|
%
|
—
|
|
|
—
|
|
%
|
||||
Operating income
|
|
238
|
|
|
4.3
|
|
%
|
219
|
|
|
4.1
|
|
%
|
||||
Benefit plan income, net
|
|
11
|
|
|
|
|
|
13
|
|
|
|
|
|
||||
Interest expense - net
|
|
(66
|
)
|
|
|
|
|
(84
|
)
|
|
|
|
|
||||
Premiums on the early retirement of debt
|
|
—
|
|
|
|
|
|
(3
|
)
|
|
|
|
|
||||
Income before income taxes
|
|
183
|
|
|
|
|
|
145
|
|
|
|
|
|
||||
Federal, state and local income tax expense
|
|
(52
|
)
|
|
|
|
|
(68
|
)
|
|
|
|
|
||||
Net income
|
|
131
|
|
|
|
|
77
|
|
|
|
|
||||||
Net loss attributable to noncontrolling interest
|
|
8
|
|
|
|
|
|
1
|
|
|
|
|
|
||||
Net income attributable to Macy's, Inc. shareholders
|
|
$
|
139
|
|
|
2.5
|
|
%
|
$
|
78
|
|
|
1.5
|
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share attributable to
Macy's, Inc. shareholders
|
|
$
|
.45
|
|
|
|
|
|
$
|
.26
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Supplemental Non-GAAP Financial Measures
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share attributable to Macy's, Inc. shareholders, excluding the impact of certain items
|
|
$
|
.48
|
|
|
|
|
|
$
|
.26
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share attributable to Macy's, Inc. shareholders, excluding the impact of certain items and gains on sale of real estate
|
|
$
|
.42
|
|
|
|
|
|
$
|
.12
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter of 2018
|
|
First Quarter of 2017
|
||
|
|
|
|
|
||
Increase (decrease) in comparable sales on an owned basis (note 1)
|
|
3.9
|
%
|
|
(5.2
|
)%
|
Impact of growth in comparable sales of departments licensed to third parties (note 2)
|
|
0.3
|
%
|
|
0.6
|
%
|
Increase (decrease) in comparable sales on an owned plus licensed basis
|
|
4.2
|
%
|
|
(4.6
|
)%
|
Impact of quarterly timing shift associated with the Spring 2018 Friends and Family promotional event
|
|
(2.5
|
)%
|
|
—
|
%
|
Adjusted increase (decrease) in comparable sales on an owned plus licensed basis
|
|
1.7
|
%
|
|
(4.6
|
)%
|
(1)
|
Represents the period-to-period percentage change in net sales from stores in operation throughout the year presented and the immediately preceding year and all online sales, excluding commissions from departments licensed to third parties. Stores impacted by a natural disaster or undergoing significant expansion or shrinkage remain in the comparable sales calculation unless the store is closed for a significant period of time. Definitions and calculations of comparable sales differ among companies in the retail industry.
|
(2)
|
Represents the impact of including the sales of departments licensed to third parties occurring in stores in operation throughout the year presented and the immediately preceding year and all online sales in the calculation of comparable sales. The Company licenses third parties to operate certain departments in its stores and online and receives commissions from these third parties based on a percentage of their net sales. In its financial statements prepared in conformity with GAAP, the Company includes these commissions (rather than the sales of the departments licensed to third parties) in its net sales. The Company does not, however, include any amounts with respect to licensed department sales (or any commissions earned on such sales) in its comparable sales in accordance with GAAP (i.e., on an owned basis). The Company believes that the amounts of commissions earned on sales of departments licensed to third parties are not material to its results of operations for the periods presented.
|
|
|
First Quarter of 2018
|
|
First Quarter of 2017
|
||||
|
|
|
|
|
||||
Net income attributable to Macy’s, Inc. shareholders
|
|
$
|
139
|
|
|
$
|
78
|
|
Add back the pre-tax impact of impairment and other costs (Note)
|
|
13
|
|
|
—
|
|
||
Add back the pre-tax impact of premiums on the early retirement of debt
|
|
—
|
|
|
3
|
|
||
Deduct the income tax impact of certain items identified above
|
|
(3
|
)
|
|
(1
|
)
|
||
Net income attributable to Macy’s, Inc. shareholders, excluding certain items identified above
|
|
$
|
149
|
|
|
$
|
80
|
|
|
|
|
|
|
||||
Deduct the pre-tax impact of gains on sale of real estate
|
|
(24
|
)
|
|
(68
|
)
|
||
Add back the income tax impact of gains on sale of real estate
|
|
6
|
|
|
26
|
|
||
Net income attributable to Macy’s, Inc. shareholders, excluding gains on sale of real estate and other certain items identified above
|
|
$
|
131
|
|
|
$
|
38
|
|
|
|
First Quarter of 2018
|
|
First Quarter of 2017
|
||||
|
|
|
|
|
||||
Diluted earnings per share attributable to Macy’s, Inc. shareholders
|
|
$
|
0.45
|
|
|
$
|
0.26
|
|
Add back the pre-tax impact of impairment and other costs
|
|
0.04
|
|
|
—
|
|
||
Add back the pre-tax impact of premiums on the early retirement of debt
|
|
—
|
|
|
0.01
|
|
||
Deduct the income tax impact of certain items identified above
|
|
(0.01
|
)
|
|
(0.01
|
)
|
||
Diluted earnings per share attributable to Macy’s, Inc. shareholders, excluding certain items identified above
|
|
$
|
0.48
|
|
|
$
|
0.26
|
|
|
|
|
|
|
||||
Deduct the pre-tax impact of gains on sale of real estate
|
|
(0.08
|
)
|
|
(0.22
|
)
|
||
Add back the income tax impact of gains on sale of real estate
|
|
0.02
|
|
|
0.08
|
|
||
Diluted earnings per share attributable to Macy’s, Inc. shareholders, excluding gains on sale of real estate and other certain items identified above
|
|
$
|
0.42
|
|
|
$
|
0.12
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 4.
|
Controls and Procedures.
|
Item 1.
|
Legal Proceedings.
|
Item 1A.
|
Risk Factors.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
|
Total
Number
of Shares
Purchased
|
|
Average
Price Paid
per Share ($)
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
|
|
Maximum Dollar Value of Shares that may yet be Purchased Under the Plans or Programs (1)($)
|
||||
|
(thousands)
|
|
|
|
(thousands)
|
|
(millions)
|
||||
February 4, 2018 – March 3, 2018
|
2
|
|
|
24.19
|
|
|
—
|
|
|
1,716
|
|
March 4, 2018 – April 7, 2018
|
3
|
|
|
27.73
|
|
|
—
|
|
|
1,716
|
|
April 8, 2018 – May 5, 2018
|
—
|
|
|
—
|
|
|
—
|
|
|
1,716
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
|
(1)
|
Commencing in January 2000, the Company's Board of Directors has from time to time approved authorizations to purchase, in the aggregate, up to $18 billion of Common Stock as of
May 5, 2018
. All authorizations are cumulative and do not have an expiration date. As of
May 5, 2018
,
$1,716 million
of authorization remained unused. The Company may continue, discontinue or resume purchases of Common Stock under these or possible future authorizations in the open market, in privately negotiated transactions or otherwise at any time and from time to time without prior notice.
|
Item 5.
|
Other Information.
|
•
|
the possible invalidity of the underlying beliefs and assumptions;
|
•
|
competitive pressures from department and specialty stores, general merchandise stores, manufacturers' outlets, off-price and discount stores, and all other retail channels, including the Internet, catalogs and television;
|
•
|
the Company's ability to remain competitive and relevant as consumers' shopping behaviors migrate to other shopping channels and to maintain its brand and reputation;
|
•
|
general consumer-spending levels, including the impact of general economic conditions, consumer disposable income levels, consumer confidence levels, the availability, cost and level of consumer debt, the costs of basic necessities and other goods and the effects of the weather or natural disasters;
|
•
|
conditions to, or changes in the timing of, proposed transactions, including planned store closings, and changes in expected synergies, cost savings and non-recurring charges;
|
•
|
the success of the Company's operational decisions (e.g., product curation, marketing programs) and strategic initiatives;
|
•
|
possible systems failures and/or security breaches, including, any security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or company information, or the failure to comply with various laws applicable to the Company in the event of such a breach;
|
•
|
the cost of employee benefits as well as attracting and retaining quality employees;
|
•
|
transactions involving our real estate portfolio;
|
•
|
the seasonal nature of the Company's business;
|
•
|
possible changes or developments in social, economic, business, industry, market, legal, and regulatory circumstances and conditions;
|
•
|
possible actions taken or omitted to be taken by third parties, including customers, suppliers, business partners, competitors and legislative, regulatory, judicial and other governmental authorities and officials;
|
•
|
changes in relationships with vendors and other product and service providers;
|
•
|
currency, interest and exchange rates and other capital market, economic and geo-political conditions;
|
•
|
unstable political conditions, civil unrest, terrorist activities and armed conflicts;
|
•
|
the possible inability of the Company's manufacturers or transporters to deliver products in a timely manner or meet the Company's quality standards;
|
•
|
the Company's reliance on foreign sources of production, including risks related to the disruption of imports by labor disputes, regional health pandemics, and regional political and economic conditions; and
|
•
|
duties, taxes, other charges and quotas on imports.
|
Item 6.
|
Exhibits.
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101
|
|
The following financial statements from Macy's, Inc.'s Quarterly Report on Form 10-Q for the quarter ended May 5, 2018, filed on June 1, 2018, formatted in XBRL: (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, and (v) the Notes to Consolidated Financial Statements.
|
|
MACY’S, INC.
|
|
|
|
|
|
By:
|
/s/ ELISA D. GARCIA
|
|
|
Elisa D. Garcia
Chief Legal Officer and Secretary
|
|
|
|
|
By:
|
/s/ FELICIA WILLIAMS
|
|
|
Felicia Williams
Executive Vice President, Controller and Enterprise Risk Officer
(Principal Accounting Officer)
|
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