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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 | |
---|---|---|---|---|---|---|---|---|
0.01 | 0.05% | 19.53 | 19.86 | 19.35 | 19.65 | 3,901,866 | 00:42:32 |
|
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
|
|
|
Incorporated in Delaware
|
|
I.R.S. Employer Identification No.
|
|
|
13-3324058
|
Large accelerated filer
ý
|
|
Accelerated filer
o
|
|
Non-accelerated filer
o
|
|
Smaller reporting company
o
|
|
Emerging growth company
o
|
Class
|
|
Outstanding at December 1, 2018
|
Common Stock, $0.01 par value per share
|
|
307,467,240 shares
|
|
|
|
|
|
|
|
|
|
||||||||
|
13 Weeks Ended
|
|
39 Weeks Ended
|
||||||||||||
|
November 3, 2018
|
|
October 28, 2017
|
|
November 3, 2018
|
|
October 28, 2017
|
||||||||
Net sales
|
$
|
5,404
|
|
|
$
|
5,281
|
|
|
$
|
16,516
|
|
|
$
|
16,267
|
|
Credit card revenues, net
|
185
|
|
|
145
|
|
|
528
|
|
|
473
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
(3,226
|
)
|
|
(3,152
|
)
|
|
(9,927
|
)
|
|
(9,858
|
)
|
||||
Selling, general and administrative expenses
|
(2,255
|
)
|
|
(2,188
|
)
|
|
(6,501
|
)
|
|
(6,406
|
)
|
||||
Gains on sale of real estate
|
42
|
|
|
65
|
|
|
111
|
|
|
176
|
|
||||
Impairment, restructuring and other costs
|
(3
|
)
|
|
(33
|
)
|
|
(39
|
)
|
|
(33
|
)
|
||||
Operating income
|
147
|
|
|
118
|
|
|
688
|
|
|
619
|
|
||||
Benefit plan income, net
|
9
|
|
|
15
|
|
|
31
|
|
|
42
|
|
||||
Settlement charges
|
(23
|
)
|
|
(22
|
)
|
|
(73
|
)
|
|
(73
|
)
|
||||
Interest expense
|
(64
|
)
|
|
(76
|
)
|
|
(204
|
)
|
|
(244
|
)
|
||||
Losses on early retirement of debt
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(1
|
)
|
||||
Interest income
|
5
|
|
|
2
|
|
|
17
|
|
|
7
|
|
||||
Income before income taxes
|
74
|
|
|
37
|
|
|
454
|
|
|
350
|
|
||||
Federal, state and local income tax expense
|
(12
|
)
|
|
(10
|
)
|
|
(96
|
)
|
|
(138
|
)
|
||||
Net income
|
62
|
|
|
27
|
|
|
358
|
|
|
212
|
|
||||
Net loss attributable to noncontrolling interest
|
—
|
|
|
3
|
|
|
10
|
|
|
7
|
|
||||
Net income attributable to Macy's, Inc. shareholders
|
$
|
62
|
|
|
$
|
30
|
|
|
$
|
368
|
|
|
$
|
219
|
|
Basic earnings per share attributable to Macy's, Inc. shareholders
|
$
|
0.20
|
|
|
$
|
0.10
|
|
|
$
|
1.20
|
|
|
$
|
0.72
|
|
Diluted earnings per share attributable to Macy's, Inc. shareholders
|
$
|
0.20
|
|
|
$
|
0.10
|
|
|
$
|
1.18
|
|
|
$
|
0.71
|
|
|
|
|
|
|
|
|
|
||||||||
|
13 Weeks Ended
|
|
39 Weeks Ended
|
||||||||||||
|
November 3, 2018
|
|
October 28, 2017
|
|
November 3, 2018
|
|
October 28, 2017
|
||||||||
Net income
|
$
|
62
|
|
|
$
|
27
|
|
|
$
|
358
|
|
|
$
|
212
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Actuarial gain (loss) on post employment and postretirement benefit plans, before tax
|
(164
|
)
|
|
10
|
|
|
(194
|
)
|
|
57
|
|
||||
Reclassifications to net income:
|
|
|
|
|
|
|
|
||||||||
Amortization of net actuarial loss and prior service credit on post employment and postretirement benefit plans included in net income, before tax
|
7
|
|
|
8
|
|
|
25
|
|
|
26
|
|
||||
Settlement charges, before tax
|
23
|
|
|
22
|
|
|
73
|
|
|
73
|
|
||||
Tax effect related to items of other comprehensive income (loss)
|
35
|
|
|
(15
|
)
|
|
24
|
|
|
(60
|
)
|
||||
Total other comprehensive income (loss), net of tax effect
|
(99
|
)
|
|
25
|
|
|
(72
|
)
|
|
96
|
|
||||
Comprehensive income (loss)
|
(37
|
)
|
|
52
|
|
|
286
|
|
|
308
|
|
||||
Comprehensive loss attributable to noncontrolling interest
|
—
|
|
|
3
|
|
|
10
|
|
|
7
|
|
||||
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$
|
(37
|
)
|
|
$
|
55
|
|
|
$
|
296
|
|
|
$
|
315
|
|
|
|
|
|
|
|
||||||
|
November 3, 2018
|
|
February 3, 2018
|
|
October 28, 2017
|
||||||
ASSETS
|
|
|
|
|
|
||||||
Current Assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
736
|
|
|
$
|
1,455
|
|
|
$
|
534
|
|
Receivables
|
180
|
|
|
363
|
|
|
219
|
|
|||
Merchandise inventories
|
7,147
|
|
|
5,178
|
|
|
7,065
|
|
|||
Income tax receivable
|
10
|
|
|
—
|
|
|
—
|
|
|||
Prepaid expenses and other current assets
|
594
|
|
|
650
|
|
|
610
|
|
|||
Total Current Assets
|
8,667
|
|
|
7,646
|
|
|
8,428
|
|
|||
Property and Equipment - net of accumulated depreciation and
amortization of $5,084, $4,610 and $5,330 |
6,572
|
|
|
6,672
|
|
|
6,742
|
|
|||
Goodwill
|
3,908
|
|
|
3,897
|
|
|
3,897
|
|
|||
Other Intangible Assets – net
|
481
|
|
|
488
|
|
|
491
|
|
|||
Other Assets
|
733
|
|
|
880
|
|
|
835
|
|
|||
Total Assets
|
$
|
20,361
|
|
|
$
|
19,583
|
|
|
$
|
20,393
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
||||||
Current Liabilities:
|
|
|
|
|
|
||||||
Short-term debt
|
$
|
65
|
|
|
$
|
22
|
|
|
$
|
22
|
|
Merchandise accounts payable
|
3,381
|
|
|
1,590
|
|
|
3,173
|
|
|||
Accounts payable and accrued liabilities
|
2,998
|
|
|
3,271
|
|
|
3,257
|
|
|||
Income taxes
|
—
|
|
|
296
|
|
|
34
|
|
|||
Total Current Liabilities
|
6,444
|
|
|
5,179
|
|
|
6,486
|
|
|||
Long-Term Debt
|
5,469
|
|
|
5,861
|
|
|
6,297
|
|
|||
Deferred Income Taxes
|
1,185
|
|
|
1,148
|
|
|
1,586
|
|
|||
Other Liabilities
|
1,618
|
|
|
1,662
|
|
|
1,750
|
|
|||
Shareholders' Equity:
|
|
|
|
|
|
||||||
Macy's, Inc.
|
5,667
|
|
|
5,745
|
|
|
4,282
|
|
|||
Noncontrolling interest
|
(22
|
)
|
|
(12
|
)
|
|
(8
|
)
|
|||
Total Shareholders’ Equity
|
5,645
|
|
|
5,733
|
|
|
4,274
|
|
|||
Total Liabilities and Shareholders’ Equity
|
$
|
20,361
|
|
|
$
|
19,583
|
|
|
$
|
20,393
|
|
|
|
|
|
||||
|
39 Weeks Ended
|
||||||
|
November 3, 2018
|
|
October 28, 2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
358
|
|
|
$
|
212
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Impairment, restructuring and other costs
|
39
|
|
|
33
|
|
||
Settlement charges
|
73
|
|
|
73
|
|
||
Depreciation and amortization
|
718
|
|
|
741
|
|
||
Stock-based compensation expense
|
48
|
|
|
46
|
|
||
Gains on sale of real estate
|
(111
|
)
|
|
(176
|
)
|
||
Amortization of financing costs and premium on acquired debt
|
(5
|
)
|
|
(10
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Decrease in receivables
|
163
|
|
|
274
|
|
||
Increase in merchandise inventories
|
(1,969
|
)
|
|
(1,665
|
)
|
||
Decrease in prepaid expenses and other current assets
|
16
|
|
|
34
|
|
||
Increase in merchandise accounts payable
|
1,664
|
|
|
1,630
|
|
||
Decrease in accounts payable, accrued liabilities
and other items not separately identified |
(196
|
)
|
|
(412
|
)
|
||
Decrease in current income taxes
|
(301
|
)
|
|
(321
|
)
|
||
Increase in deferred income taxes
|
62
|
|
|
47
|
|
||
Change in other assets and liabilities not separately identified
|
(130
|
)
|
|
(107
|
)
|
||
Net cash provided by operating activities
|
429
|
|
|
399
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchase of property and equipment
|
(468
|
)
|
|
(359
|
)
|
||
Additions to capitalized software
|
(209
|
)
|
|
(191
|
)
|
||
Disposition of property and equipment
|
121
|
|
|
212
|
|
||
Other, net
|
7
|
|
|
9
|
|
||
Net cash used by investing activities
|
(549
|
)
|
|
(329
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Debt repaid
|
(361
|
)
|
|
(564
|
)
|
||
Dividends paid
|
(347
|
)
|
|
(346
|
)
|
||
Increase in outstanding checks
|
44
|
|
|
80
|
|
||
Acquisition of treasury stock
|
—
|
|
|
(1
|
)
|
||
Issuance of common stock
|
41
|
|
|
3
|
|
||
Proceeds from noncontrolling interest
|
7
|
|
|
12
|
|
||
Net cash used by financing activities
|
(616
|
)
|
|
(816
|
)
|
||
Net decrease in cash, cash equivalents and restricted cash
|
(736
|
)
|
|
(746
|
)
|
||
Cash, cash equivalents and restricted cash beginning of period
|
1,513
|
|
|
1,334
|
|
||
Cash, cash equivalents and restricted cash end of period
|
$
|
777
|
|
|
$
|
588
|
|
Supplemental cash flow information:
|
|
|
|
||||
Interest paid
|
$
|
213
|
|
|
$
|
251
|
|
Interest received
|
17
|
|
|
7
|
|
||
Income taxes paid (net of refunds received)
|
335
|
|
|
412
|
|
|
|
|
13 Weeks Ended
|
|
39 Weeks Ended
|
||||||||||||
Net sales by family of business
|
November 3, 2018
|
|
October 28, 2017
|
|
November 3, 2018
|
|
October 28, 2017
|
||||||||
|
(millions)
|
||||||||||||||
Women's Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances
|
$
|
2,010
|
|
|
$
|
1,989
|
|
|
$
|
6,221
|
|
|
$
|
6,122
|
|
Women's Apparel
|
1,264
|
|
|
1,247
|
|
|
3,969
|
|
|
3,989
|
|
||||
Men's and Kids
|
1,243
|
|
|
1,184
|
|
|
3,702
|
|
|
3,558
|
|
||||
Home/Other (a)
|
887
|
|
|
861
|
|
|
2,624
|
|
|
2,598
|
|
||||
Total
|
$
|
5,404
|
|
|
$
|
5,281
|
|
|
$
|
16,516
|
|
|
$
|
16,267
|
|
|
|
|
13 Weeks Ended
|
||||||||||||||||||||
|
November 3, 2018
|
|
October 28, 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 |
$
|
62
|
|
|
|
|
307.2
|
|
|
$
|
30
|
|
|
|
|
304.6
|
|
||||
Shares to be issued under deferred
compensation and other plans |
|
|
|
|
0.9
|
|
|
|
|
|
|
0.9
|
|
||||||||
|
$
|
62
|
|
|
|
|
308.1
|
|
|
$
|
30
|
|
|
|
|
305.5
|
|
||||
Basic earnings per share attributable to
Macy's, Inc. shareholders |
|
|
$
|
0.20
|
|
|
|
|
|
|
$
|
0.10
|
|
|
|
||||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock options, restricted stock and restricted stock units
|
|
|
|
|
4.1
|
|
|
|
|
|
|
1.0
|
|
||||||||
|
$
|
62
|
|
|
|
|
312.2
|
|
|
$
|
30
|
|
|
|
|
306.5
|
|
||||
Diluted earnings per share attributable to
Macy's, Inc. shareholders |
|
|
$
|
0.20
|
|
|
|
|
|
|
$
|
0.10
|
|
|
|
|
39 Weeks Ended
|
||||||||||||||||||||
|
November 3, 2018
|
|
October 28, 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 |
$
|
368
|
|
|
|
|
306.6
|
|
|
$
|
219
|
|
|
|
|
304.5
|
|
||||
Shares to be issued under deferred
compensation and other plans |
|
|
|
|
0.9
|
|
|
|
|
|
|
0.8
|
|
||||||||
|
$
|
368
|
|
|
|
|
307.5
|
|
|
$
|
219
|
|
|
|
|
305.3
|
|
||||
Basic earnings per share attributable to
Macy's, Inc. shareholders |
|
|
$
|
1.20
|
|
|
|
|
|
|
$
|
0.72
|
|
|
|
||||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock options, restricted stock and restricted stock units
|
|
|
|
|
3.7
|
|
|
|
|
|
|
1.3
|
|
||||||||
|
$
|
368
|
|
|
|
|
311.2
|
|
|
$
|
219
|
|
|
|
|
306.6
|
|
||||
Diluted earnings per share attributable to
Macy's, Inc. shareholders |
|
|
$
|
1.18
|
|
|
|
|
|
|
$
|
0.71
|
|
|
|
|
|
39 Weeks Ended
|
||||||
|
November 3, 2018
|
|
October 28, 2017
|
||||
|
(millions)
|
||||||
7.45% Senior debentures due 2017
|
$
|
—
|
|
|
$
|
300
|
|
6.9% Senior debentures due 2029
|
90
|
|
|
3
|
|
||
4.5% Senior notes due 2034
|
80
|
|
|
—
|
|
||
6.7% Senior notes due 2028
|
60
|
|
|
3
|
|
||
6.375% Senior notes due 2037
|
43
|
|
|
135
|
|
||
6.7% Senior debentures due 2034
|
28
|
|
|
28
|
|
||
7.0% Senior debentures due 2028
|
27
|
|
|
2
|
|
||
6.65% Senior debentures due 2024
|
11
|
|
|
4
|
|
||
6.9% Senior debentures due 2032
|
5
|
|
|
72
|
|
||
9.5% Amortizing debentures due 2021
|
4
|
|
|
4
|
|
||
9.75% Amortizing debentures due 2021
|
2
|
|
|
2
|
|
||
Capital leases and other obligations
|
1
|
|
|
1
|
|
||
|
$
|
351
|
|
|
$
|
554
|
|
|
|
13 Weeks Ended
|
|
39 Weeks Ended
|
||||||||||||
|
November 3, 2018
|
|
October 28, 2017
|
|
November 3, 2018
|
|
October 28, 2017
|
||||||||
|
(millions)
|
|
(millions)
|
||||||||||||
401(k) Qualified Defined Contribution Plan
|
$
|
24
|
|
|
$
|
20
|
|
|
$
|
71
|
|
|
$
|
65
|
|
|
|
|
|
|
|
|
|
||||||||
Non-Qualified Defined Contribution Plan
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Pension Plan
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
4
|
|
Interest cost
|
28
|
|
|
25
|
|
|
81
|
|
|
79
|
|
||||
Expected return on assets
|
(51
|
)
|
|
(55
|
)
|
|
(157
|
)
|
|
(168
|
)
|
||||
Recognition of net actuarial loss
|
7
|
|
|
8
|
|
|
23
|
|
|
24
|
|
||||
Amortization of prior service credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
(15
|
)
|
|
$
|
(21
|
)
|
|
$
|
(49
|
)
|
|
$
|
(61
|
)
|
Supplementary Retirement Plan
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
6
|
|
|
6
|
|
|
17
|
|
|
17
|
|
||||
Recognition of net actuarial loss
|
2
|
|
|
2
|
|
|
6
|
|
|
6
|
|
||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
23
|
|
|
$
|
23
|
|
|
|
|
|
|
|
|
|
||||||||
Total Retirement Expense
|
$
|
17
|
|
|
$
|
7
|
|
|
$
|
46
|
|
|
$
|
27
|
|
|
|
|
|
|
|
|
|
||||||||
Postretirement Obligations
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
1
|
|
|
1
|
|
|
3
|
|
|
4
|
|
||||
Recognition of net actuarial gain
|
(2
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
(4
|
)
|
||||
Amortization of prior service credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
|
November 3, 2018
|
|
October 28, 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
|
|
|
$
|
26
|
|
|
$
|
70
|
|
|
$
|
—
|
|
|
$
|
100
|
|
|
$
|
23
|
|
|
$
|
77
|
|
|
$
|
—
|
|
|
November 3, 2018
|
|
October 28, 2017
|
||||||||||||||||||||
|
Notional
Amount
|
|
Carrying
Amount
|
|
Fair
Value
|
|
Notional
Amount
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Long-term debt
|
$
|
5,420
|
|
|
$
|
5,444
|
|
|
$
|
5,170
|
|
|
$
|
6,206
|
|
|
$
|
6,271
|
|
|
$
|
5,908
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
2,030
|
|
|
$
|
6,185
|
|
|
$
|
(2,811
|
)
|
|
$
|
5,404
|
|
Credit card revenues, net
|
—
|
|
|
—
|
|
|
185
|
|
|
—
|
|
|
185
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of sales
|
—
|
|
|
(1,266
|
)
|
|
(4,771
|
)
|
|
2,811
|
|
|
(3,226
|
)
|
|||||
Selling, general and administrative expenses
|
—
|
|
|
(883
|
)
|
|
(1,372
|
)
|
|
—
|
|
|
(2,255
|
)
|
|||||
Gains on sale of real estate
|
—
|
|
|
41
|
|
|
1
|
|
|
—
|
|
|
42
|
|
|||||
Restructuring and other costs
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|||||
Operating income (loss)
|
—
|
|
|
(78
|
)
|
|
225
|
|
|
—
|
|
|
147
|
|
|||||
Benefit plan income, net
|
—
|
|
|
3
|
|
|
6
|
|
|
—
|
|
|
9
|
|
|||||
Settlement charges
|
—
|
|
|
(8
|
)
|
|
(15
|
)
|
|
—
|
|
|
(23
|
)
|
|||||
Interest (expense) income, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
External
|
4
|
|
|
(64
|
)
|
|
1
|
|
|
—
|
|
|
(59
|
)
|
|||||
Intercompany
|
—
|
|
|
(18
|
)
|
|
18
|
|
|
—
|
|
|
—
|
|
|||||
Equity in earnings (loss) of subsidiaries
|
59
|
|
|
(58
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|||||
Income (loss) before income taxes
|
63
|
|
|
(223
|
)
|
|
235
|
|
|
(1
|
)
|
|
74
|
|
|||||
Federal, state and local income
tax benefit (expense) |
(1
|
)
|
|
57
|
|
|
(68
|
)
|
|
—
|
|
|
(12
|
)
|
|||||
Net income (loss)
|
62
|
|
|
(166
|
)
|
|
167
|
|
|
(1
|
)
|
|
62
|
|
|||||
Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income (loss) attributable to
Macy's, Inc. shareholders |
$
|
62
|
|
|
$
|
(166
|
)
|
|
$
|
167
|
|
|
$
|
(1
|
)
|
|
$
|
62
|
|
Comprehensive income (loss)
|
$
|
(37
|
)
|
|
$
|
(257
|
)
|
|
$
|
106
|
|
|
$
|
151
|
|
|
$
|
(37
|
)
|
Comprehensive loss attributable to
noncontrolling interest |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$
|
(37
|
)
|
|
$
|
(257
|
)
|
|
$
|
106
|
|
|
$
|
151
|
|
|
$
|
(37
|
)
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
2,073
|
|
|
$
|
5,865
|
|
|
$
|
(2,657
|
)
|
|
$
|
5,281
|
|
Credit card revenues, net
|
—
|
|
|
—
|
|
|
145
|
|
|
—
|
|
|
145
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of sales
|
—
|
|
|
(1,382
|
)
|
|
(4,427
|
)
|
|
2,657
|
|
|
(3,152
|
)
|
|||||
Selling, general and administrative expenses
|
—
|
|
|
(834
|
)
|
|
(1,354
|
)
|
|
—
|
|
|
(2,188
|
)
|
|||||
Gains on sale of real estate
|
—
|
|
|
24
|
|
|
41
|
|
|
—
|
|
|
65
|
|
|||||
Restructuring and other costs
|
—
|
|
|
(1
|
)
|
|
(32
|
)
|
|
—
|
|
|
(33
|
)
|
|||||
Operating income (loss)
|
—
|
|
|
(120
|
)
|
|
238
|
|
|
—
|
|
|
118
|
|
|||||
Benefit plan income, net
|
—
|
|
|
6
|
|
|
9
|
|
|
—
|
|
|
15
|
|
|||||
Settlement charges
|
—
|
|
|
(8
|
)
|
|
(14
|
)
|
|
—
|
|
|
(22
|
)
|
|||||
Interest (expense) income, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
External
|
1
|
|
|
(76
|
)
|
|
1
|
|
|
—
|
|
|
(74
|
)
|
|||||
Intercompany
|
—
|
|
|
(34
|
)
|
|
34
|
|
|
—
|
|
|
—
|
|
|||||
Equity in earnings (loss) of subsidiaries
|
29
|
|
|
(57
|
)
|
|
—
|
|
|
28
|
|
|
—
|
|
|||||
Income (loss) before income taxes
|
30
|
|
|
(289
|
)
|
|
268
|
|
|
28
|
|
|
37
|
|
|||||
Federal, state and local income
tax benefit (expense) |
—
|
|
|
59
|
|
|
(69
|
)
|
|
—
|
|
|
(10
|
)
|
|||||
Net income (loss)
|
30
|
|
|
(230
|
)
|
|
199
|
|
|
28
|
|
|
27
|
|
|||||
Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||
Net income (loss) attributable to
Macy's, Inc. shareholders |
$
|
30
|
|
|
$
|
(230
|
)
|
|
$
|
202
|
|
|
$
|
28
|
|
|
$
|
30
|
|
Comprehensive income (loss)
|
$
|
55
|
|
|
$
|
(207
|
)
|
|
$
|
215
|
|
|
$
|
(11
|
)
|
|
$
|
52
|
|
Comprehensive loss attributable to
noncontrolling interest |
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$
|
55
|
|
|
$
|
(207
|
)
|
|
$
|
218
|
|
|
$
|
(11
|
)
|
|
$
|
55
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
6,110
|
|
|
$
|
16,462
|
|
|
$
|
(6,056
|
)
|
|
$
|
16,516
|
|
Credit card revenues (expense), net
|
—
|
|
|
(3
|
)
|
|
531
|
|
|
—
|
|
|
528
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of sales
|
—
|
|
|
(3,857
|
)
|
|
(12,126
|
)
|
|
6,056
|
|
|
(9,927
|
)
|
|||||
Selling, general and administrative expenses
|
—
|
|
|
(2,522
|
)
|
|
(3,979
|
)
|
|
—
|
|
|
(6,501
|
)
|
|||||
Gains on sale of real estate
|
—
|
|
|
83
|
|
|
28
|
|
|
—
|
|
|
111
|
|
|||||
Impairment, restructuring and other costs
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
—
|
|
|
(39
|
)
|
|||||
Operating income (loss)
|
—
|
|
|
(189
|
)
|
|
877
|
|
|
—
|
|
|
688
|
|
|||||
Benefit plan income, net
|
—
|
|
|
12
|
|
|
19
|
|
|
—
|
|
|
31
|
|
|||||
Settlement charges
|
(5
|
)
|
|
(24
|
)
|
|
(44
|
)
|
|
—
|
|
|
(73
|
)
|
|||||
Interest (expense) income, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
External
|
13
|
|
|
(203
|
)
|
|
3
|
|
|
—
|
|
|
(187
|
)
|
|||||
Intercompany
|
—
|
|
|
(54
|
)
|
|
54
|
|
|
—
|
|
|
—
|
|
|||||
Losses on early retirement of debt
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|||||
Equity in earnings of subsidiaries
|
362
|
|
|
51
|
|
|
—
|
|
|
(413
|
)
|
|
—
|
|
|||||
Income (loss) before income taxes
|
370
|
|
|
(412
|
)
|
|
909
|
|
|
(413
|
)
|
|
454
|
|
|||||
Federal, state and local income
tax benefit (expense) |
(2
|
)
|
|
123
|
|
|
(217
|
)
|
|
—
|
|
|
(96
|
)
|
|||||
Net income (loss)
|
368
|
|
|
(289
|
)
|
|
692
|
|
|
(413
|
)
|
|
358
|
|
|||||
Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|||||
Net income (loss) attributable to
Macy's, Inc. shareholders |
$
|
368
|
|
|
$
|
(289
|
)
|
|
$
|
702
|
|
|
$
|
(413
|
)
|
|
$
|
368
|
|
Comprehensive income (loss)
|
$
|
296
|
|
|
$
|
(357
|
)
|
|
$
|
646
|
|
|
$
|
(299
|
)
|
|
$
|
286
|
|
Comprehensive loss attributable to
noncontrolling interest |
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|||||
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$
|
296
|
|
|
$
|
(357
|
)
|
|
$
|
656
|
|
|
$
|
(299
|
)
|
|
$
|
296
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
6,358
|
|
|
$
|
15,784
|
|
|
$
|
(5,875
|
)
|
|
$
|
16,267
|
|
Credit card revenues (expense), net
|
—
|
|
|
(2
|
)
|
|
475
|
|
|
—
|
|
|
473
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of sales
|
—
|
|
|
(4,160
|
)
|
|
(11,573
|
)
|
|
5,875
|
|
|
(9,858
|
)
|
|||||
Selling, general and administrative expenses
|
(1
|
)
|
|
(2,458
|
)
|
|
(3,947
|
)
|
|
—
|
|
|
(6,406
|
)
|
|||||
Gains on sale of real estate
|
—
|
|
|
116
|
|
|
60
|
|
|
—
|
|
|
176
|
|
|||||
Restructuring and other costs
|
—
|
|
|
(1
|
)
|
|
(32
|
)
|
|
—
|
|
|
(33
|
)
|
|||||
Operating income (loss)
|
(1
|
)
|
|
(147
|
)
|
|
767
|
|
|
—
|
|
|
619
|
|
|||||
Benefit plan income, net
|
—
|
|
|
16
|
|
|
26
|
|
|
—
|
|
|
42
|
|
|||||
Settlement charges
|
—
|
|
|
(24
|
)
|
|
(49
|
)
|
|
—
|
|
|
(73
|
)
|
|||||
Interest (expense) income, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
External
|
4
|
|
|
(243
|
)
|
|
2
|
|
|
—
|
|
|
(237
|
)
|
|||||
Intercompany
|
—
|
|
|
(102
|
)
|
|
102
|
|
|
—
|
|
|
—
|
|
|||||
Losses on early retirement of debt
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Equity in earnings (loss) of subsidiaries
|
217
|
|
|
(26
|
)
|
|
—
|
|
|
(191
|
)
|
|
—
|
|
|||||
Income (loss) before income taxes
|
220
|
|
|
(527
|
)
|
|
848
|
|
|
(191
|
)
|
|
350
|
|
|||||
Federal, state and local income
tax benefit (expense) |
(1
|
)
|
|
142
|
|
|
(279
|
)
|
|
—
|
|
|
(138
|
)
|
|||||
Net income (loss)
|
219
|
|
|
(385
|
)
|
|
569
|
|
|
(191
|
)
|
|
212
|
|
|||||
Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|||||
Net income (loss) attributable to
Macy's, Inc. shareholders |
$
|
219
|
|
|
$
|
(385
|
)
|
|
$
|
576
|
|
|
$
|
(191
|
)
|
|
$
|
219
|
|
Comprehensive income (loss)
|
$
|
315
|
|
|
$
|
(295
|
)
|
|
$
|
632
|
|
|
$
|
(344
|
)
|
|
$
|
308
|
|
Comprehensive loss attributable to
noncontrolling interest |
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|||||
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$
|
315
|
|
|
$
|
(295
|
)
|
|
$
|
639
|
|
|
$
|
(344
|
)
|
|
$
|
315
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
ASSETS:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
426
|
|
|
$
|
74
|
|
|
$
|
236
|
|
|
$
|
—
|
|
|
$
|
736
|
|
Receivables
|
1
|
|
|
25
|
|
|
154
|
|
|
—
|
|
|
180
|
|
|||||
Merchandise inventories
|
—
|
|
|
3,112
|
|
|
4,035
|
|
|
—
|
|
|
7,147
|
|
|||||
Income tax receivable
|
81
|
|
|
—
|
|
|
—
|
|
|
(71
|
)
|
|
10
|
|
|||||
Prepaid expenses and other current assets
|
—
|
|
|
139
|
|
|
455
|
|
|
—
|
|
|
594
|
|
|||||
Total Current Assets
|
508
|
|
|
3,350
|
|
|
4,880
|
|
|
(71
|
)
|
|
8,667
|
|
|||||
Property and Equipment – net
|
—
|
|
|
3,244
|
|
|
3,328
|
|
|
—
|
|
|
6,572
|
|
|||||
Goodwill
|
—
|
|
|
3,326
|
|
|
582
|
|
|
—
|
|
|
3,908
|
|
|||||
Other Intangible Assets – net
|
—
|
|
|
40
|
|
|
441
|
|
|
—
|
|
|
481
|
|
|||||
Other Assets
|
—
|
|
|
39
|
|
|
694
|
|
|
—
|
|
|
733
|
|
|||||
Deferred Income Taxes
|
11
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|||||
Intercompany Receivable
|
1,725
|
|
|
—
|
|
|
882
|
|
|
(2,607
|
)
|
|
—
|
|
|||||
Investment in Subsidiaries
|
3,639
|
|
|
3,028
|
|
|
—
|
|
|
(6,667
|
)
|
|
—
|
|
|||||
Total Assets
|
$
|
5,883
|
|
|
$
|
13,027
|
|
|
$
|
10,807
|
|
|
$
|
(9,356
|
)
|
|
$
|
20,361
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term debt
|
$
|
—
|
|
|
$
|
42
|
|
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
65
|
|
Merchandise accounts payable
|
—
|
|
|
1,515
|
|
|
1,866
|
|
|
—
|
|
|
3,381
|
|
|||||
Accounts payable and accrued liabilities
|
192
|
|
|
874
|
|
|
1,932
|
|
|
—
|
|
|
2,998
|
|
|||||
Income taxes
|
—
|
|
|
40
|
|
|
31
|
|
|
(71
|
)
|
|
—
|
|
|||||
Total Current Liabilities
|
192
|
|
|
2,471
|
|
|
3,852
|
|
|
(71
|
)
|
|
6,444
|
|
|||||
Long-Term Debt
|
—
|
|
|
5,453
|
|
|
16
|
|
|
—
|
|
|
5,469
|
|
|||||
Intercompany Payable
|
—
|
|
|
2,607
|
|
|
—
|
|
|
(2,607
|
)
|
|
—
|
|
|||||
Deferred Income Taxes
|
—
|
|
|
619
|
|
|
577
|
|
|
(11
|
)
|
|
1,185
|
|
|||||
Other Liabilities
|
24
|
|
|
431
|
|
|
1,163
|
|
|
—
|
|
|
1,618
|
|
|||||
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Macy's, Inc.
|
5,667
|
|
|
1,446
|
|
|
5,221
|
|
|
(6,667
|
)
|
|
5,667
|
|
|||||
Noncontrolling Interest
|
—
|
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
(22
|
)
|
|||||
Total Shareholders' Equity
|
5,667
|
|
|
1,446
|
|
|
5,199
|
|
|
(6,667
|
)
|
|
5,645
|
|
|||||
Total Liabilities and Shareholders' Equity
|
$
|
5,883
|
|
|
$
|
13,027
|
|
|
$
|
10,807
|
|
|
$
|
(9,356
|
)
|
|
$
|
20,361
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
ASSETS:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
116
|
|
|
$
|
89
|
|
|
$
|
329
|
|
|
$
|
—
|
|
|
$
|
534
|
|
Receivables
|
—
|
|
|
67
|
|
|
152
|
|
|
—
|
|
|
219
|
|
|||||
Merchandise inventories
|
—
|
|
|
3,218
|
|
|
3,847
|
|
|
—
|
|
|
7,065
|
|
|||||
Income tax receivable
|
—
|
|
|
2
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|||||
Prepaid expenses and other current assets
|
—
|
|
|
141
|
|
|
469
|
|
|
—
|
|
|
610
|
|
|||||
Total Current Assets
|
116
|
|
|
3,517
|
|
|
4,797
|
|
|
(2
|
)
|
|
8,428
|
|
|||||
Property and Equipment – net
|
—
|
|
|
3,370
|
|
|
3,372
|
|
|
—
|
|
|
6,742
|
|
|||||
Goodwill
|
—
|
|
|
3,315
|
|
|
582
|
|
|
—
|
|
|
3,897
|
|
|||||
Other Intangible Assets – net
|
—
|
|
|
46
|
|
|
445
|
|
|
—
|
|
|
491
|
|
|||||
Other Assets
|
1
|
|
|
62
|
|
|
772
|
|
|
—
|
|
|
835
|
|
|||||
Deferred Income Taxes
|
27
|
|
|
—
|
|
|
—
|
|
|
(27
|
)
|
|
—
|
|
|||||
Intercompany Receivable
|
1,436
|
|
|
—
|
|
|
2,161
|
|
|
(3,597
|
)
|
|
—
|
|
|||||
Investment in Subsidiaries
|
2,932
|
|
|
3,700
|
|
|
—
|
|
|
(6,632
|
)
|
|
—
|
|
|||||
Total Assets
|
$
|
4,512
|
|
|
$
|
14,010
|
|
|
$
|
12,129
|
|
|
$
|
(10,258
|
)
|
|
$
|
20,393
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term debt
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
22
|
|
Merchandise accounts payable
|
—
|
|
|
1,339
|
|
|
1,834
|
|
|
—
|
|
|
3,173
|
|
|||||
Accounts payable and accrued liabilities
|
139
|
|
|
1,008
|
|
|
2,110
|
|
|
—
|
|
|
3,257
|
|
|||||
Income taxes
|
20
|
|
|
—
|
|
|
16
|
|
|
(2
|
)
|
|
34
|
|
|||||
Total Current Liabilities
|
159
|
|
|
2,353
|
|
|
3,976
|
|
|
(2
|
)
|
|
6,486
|
|
|||||
Long-Term Debt
|
—
|
|
|
6,280
|
|
|
17
|
|
|
—
|
|
|
6,297
|
|
|||||
Intercompany Payable
|
—
|
|
|
3,597
|
|
|
—
|
|
|
(3,597
|
)
|
|
—
|
|
|||||
Deferred Income Taxes
|
—
|
|
|
731
|
|
|
882
|
|
|
(27
|
)
|
|
1,586
|
|
|||||
Other Liabilities
|
71
|
|
|
476
|
|
|
1,203
|
|
|
—
|
|
|
1,750
|
|
|||||
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Macy's, Inc.
|
4,282
|
|
|
573
|
|
|
6,059
|
|
|
(6,632
|
)
|
|
4,282
|
|
|||||
Noncontrolling Interest
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|||||
Total Shareholders' Equity
|
4,282
|
|
|
573
|
|
|
6,051
|
|
|
(6,632
|
)
|
|
4,274
|
|
|||||
Total Liabilities and Shareholders' Equity
|
$
|
4,512
|
|
|
$
|
14,010
|
|
|
$
|
12,129
|
|
|
$
|
(10,258
|
)
|
|
$
|
20,393
|
|
|
|
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)
|
$
|
368
|
|
|
$
|
(289
|
)
|
|
$
|
692
|
|
|
$
|
(413
|
)
|
|
$
|
358
|
|
Equity in earnings of subsidiaries
|
(362
|
)
|
|
(51
|
)
|
|
—
|
|
|
413
|
|
|
—
|
|
|||||
Impairment, restructuring and other costs
|
—
|
|
|
—
|
|
|
39
|
|
|
—
|
|
|
39
|
|
|||||
Settlement charges
|
5
|
|
|
24
|
|
|
44
|
|
|
—
|
|
|
73
|
|
|||||
Dividends received from subsidiaries
|
689
|
|
|
—
|
|
|
—
|
|
|
(689
|
)
|
|
—
|
|
|||||
Depreciation and amortization
|
—
|
|
|
250
|
|
|
468
|
|
|
—
|
|
|
718
|
|
|||||
Gains on sale of real estate
|
—
|
|
|
(83
|
)
|
|
(28
|
)
|
|
—
|
|
|
(111
|
)
|
|||||
Changes in assets, liabilities and other items not separately identified
|
(191
|
)
|
|
115
|
|
|
(571
|
)
|
|
(1
|
)
|
|
(648
|
)
|
|||||
Net cash provided (used) by operating activities
|
509
|
|
|
(34
|
)
|
|
644
|
|
|
(690
|
)
|
|
429
|
|
|||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase of property and equipment and capitalized software, net of dispositions
|
—
|
|
|
(98
|
)
|
|
(458
|
)
|
|
—
|
|
|
(556
|
)
|
|||||
Other, net
|
—
|
|
|
(15
|
)
|
|
(29
|
)
|
|
51
|
|
|
7
|
|
|||||
Net cash used by investing activities
|
—
|
|
|
(113
|
)
|
|
(487
|
)
|
|
51
|
|
|
(549
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt repaid
|
—
|
|
|
(310
|
)
|
|
(1
|
)
|
|
(50
|
)
|
|
(361
|
)
|
|||||
Dividends paid
|
(347
|
)
|
|
—
|
|
|
(689
|
)
|
|
689
|
|
|
(347
|
)
|
|||||
Issuance of common stock
|
41
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|||||
Proceeds from noncontrolling interest
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|||||
Intercompany activity, net
|
(803
|
)
|
|
378
|
|
|
425
|
|
|
—
|
|
|
—
|
|
|||||
Other, net
|
(83
|
)
|
|
74
|
|
|
53
|
|
|
—
|
|
|
44
|
|
|||||
Net cash provided (used) by financing activities
|
(1,192
|
)
|
|
142
|
|
|
(205
|
)
|
|
639
|
|
|
(616
|
)
|
|||||
Net decrease in cash, cash equivalents and restricted cash
|
(683
|
)
|
|
(5
|
)
|
|
(48
|
)
|
|
—
|
|
|
(736
|
)
|
|||||
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
|
$
|
426
|
|
|
$
|
74
|
|
|
$
|
277
|
|
|
$
|
—
|
|
|
$
|
777
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
$
|
219
|
|
|
$
|
(385
|
)
|
|
$
|
569
|
|
|
$
|
(191
|
)
|
|
$
|
212
|
|
Equity in loss (earnings) of subsidiaries
|
(217
|
)
|
|
26
|
|
|
—
|
|
|
191
|
|
|
—
|
|
|||||
Restructuring and other costs
|
—
|
|
|
1
|
|
|
32
|
|
|
—
|
|
|
33
|
|
|||||
Settlement charges
|
—
|
|
|
24
|
|
|
49
|
|
|
—
|
|
|
73
|
|
|||||
Dividends received from subsidiaries
|
571
|
|
|
—
|
|
|
—
|
|
|
(571
|
)
|
|
—
|
|
|||||
Depreciation and amortization
|
—
|
|
|
265
|
|
|
476
|
|
|
—
|
|
|
741
|
|
|||||
Gains on sale of real estate
|
—
|
|
|
(116
|
)
|
|
(60
|
)
|
|
—
|
|
|
(176
|
)
|
|||||
Changes in assets, liabilities and other items not separately identified
|
(44
|
)
|
|
167
|
|
|
(607
|
)
|
|
—
|
|
|
(484
|
)
|
|||||
Net cash provided (used) by operating activities
|
529
|
|
|
(18
|
)
|
|
459
|
|
|
(571
|
)
|
|
399
|
|
|||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Disposition (purchase) of property and equipment and capitalized software, net
|
—
|
|
|
30
|
|
|
(368
|
)
|
|
—
|
|
|
(338
|
)
|
|||||
Other, net
|
—
|
|
|
2
|
|
|
7
|
|
|
—
|
|
|
9
|
|
|||||
Net cash provided (used) by investing activities
|
—
|
|
|
32
|
|
|
(361
|
)
|
|
—
|
|
|
(329
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt repaid
|
—
|
|
|
(563
|
)
|
|
(1
|
)
|
|
—
|
|
|
(564
|
)
|
|||||
Dividends paid
|
(346
|
)
|
|
—
|
|
|
(571
|
)
|
|
571
|
|
|
(346
|
)
|
|||||
Issuance of common stock, net of common stock acquired
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Proceeds from noncontrolling interest
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
|||||
Intercompany activity, net
|
(1,016
|
)
|
|
589
|
|
|
427
|
|
|
—
|
|
|
—
|
|
|||||
Other, net
|
9
|
|
|
(32
|
)
|
|
103
|
|
|
—
|
|
|
80
|
|
|||||
Net cash used by financing activities
|
(1,351
|
)
|
|
(6
|
)
|
|
(30
|
)
|
|
571
|
|
|
(816
|
)
|
|||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
(822
|
)
|
|
8
|
|
|
68
|
|
|
—
|
|
|
(746
|
)
|
|||||
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
|
$
|
116
|
|
|
$
|
89
|
|
|
$
|
383
|
|
|
$
|
—
|
|
|
$
|
588
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
The Macy's Star Rewards loyalty program marked its one-year anniversary and continued to offer improved benefits to its members, including exclusive experiences for the program's platinum loyalty members.
|
•
|
Completing the fiscal 2018 expansion of Backstage, Macy's mall-based off-price business, the Company opened 56 new locations within existing Macy’s stores during the third quarter of 2018. This expansion brings the total Backstage locations to 173 (seven freestanding and 166 inside Macy's stores) as of November 3, 2018.
|
•
|
The Company's vendor direct program (i.e., merchandise purchased from the Company's websites and digital applications and shipped directly to customers from the respective vendor) continued its expansion during the third quarter of 2018, with increased assortment and the addition of new categories and brands.
|
•
|
The Company completed the enhancement of customer options for pick-up, delivery and checkout at Macy's, including the expansion of Buy Online Ship to Store and construction of At Your Service stations in all stores.
|
•
|
The Growth50 locations contributed to the strong operating results for the third quarter of 2018. As a result of the performance of the Growth50 locations, the Company will expand the initiative to another 100 stores in fiscal 2019.
|
•
|
Flagship stores include Herald Square and 10 other regional flagship stores which serve as premier retail destinations within their respective regions.
|
•
|
Magnet stores include the Growth50 stores, which as noted previously will be expanded to another 100 stores in fiscal 2019. These stores are retail destinations within major markets that offer an expanded selection of merchandise.
|
•
|
Neighborhood stores are smaller, profitable locations that are visited primarily for convenience and on-line order fulfillment. The Company is testing, and will continue to test in fiscal 2019, different investment models aimed at increasing shopping ease and convenience. Once the right model is determined, it will be rolled-out to the remaining neighborhood stores.
|
|
|
Third Quarter of 2018
|
|
|
Third Quarter of 2017
|
|
|
||||||||||
|
|
Amount
|
|
% to Net Sales
|
|
|
Amount
|
|
% to Net Sales
|
|
|
||||||
|
|
(dollars in millions, except per share figures)
|
|||||||||||||||
Net sales
|
|
$
|
5,404
|
|
|
|
|
|
$
|
5,281
|
|
|
|
|
|
||
Credit card revenues, net
|
|
185
|
|
|
3.4
|
|
%
|
145
|
|
|
2.7
|
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales
|
|
(3,226
|
)
|
|
(59.7
|
)
|
%
|
(3,152
|
)
|
|
(59.7
|
)
|
%
|
||||
Selling, general and administrative expenses
|
|
(2,255
|
)
|
|
(41.7
|
)
|
%
|
(2,188
|
)
|
|
(41.4
|
)
|
%
|
||||
Gains on sale of real estate
|
|
42
|
|
|
0.8
|
|
%
|
65
|
|
|
1.2
|
|
%
|
||||
Restructuring and other costs
|
|
(3
|
)
|
|
(0.1
|
)
|
%
|
(33
|
)
|
|
(0.6
|
)
|
%
|
||||
Operating income
|
|
147
|
|
|
2.7
|
|
%
|
118
|
|
|
2.2
|
|
%
|
||||
Benefit plan income, net
|
|
9
|
|
|
|
|
|
15
|
|
|
|
|
|
||||
Settlement charges
|
|
(23
|
)
|
|
|
|
|
(22
|
)
|
|
|
|
|
||||
Interest expense, net
|
|
(59
|
)
|
|
|
|
|
(74
|
)
|
|
|
|
|
||||
Income before income taxes
|
|
74
|
|
|
|
|
|
37
|
|
|
|
|
|
||||
Federal, state and local income tax expense
|
|
(12
|
)
|
|
|
|
|
(10
|
)
|
|
|
|
|
||||
Net income
|
|
62
|
|
|
|
|
27
|
|
|
|
|
||||||
Net loss attributable to noncontrolling interest
|
|
—
|
|
|
|
|
|
3
|
|
|
|
|
|
||||
Net income attributable to Macy's, Inc. shareholders
|
|
$
|
62
|
|
|
1.1
|
|
%
|
$
|
30
|
|
|
0.6
|
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share attributable to
Macy's, Inc. shareholders
|
|
$
|
0.20
|
|
|
|
|
|
$
|
0.10
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Supplemental Financial Measure
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gross margin
(a)
|
|
$
|
2,178
|
|
|
40.3
|
|
%
|
$
|
2,129
|
|
|
40.3
|
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Supplemental Non-GAAP Financial Measure
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share attributable to Macy's, Inc. shareholders, excluding the impact of certain items
|
|
$
|
0.27
|
|
|
|
|
|
$
|
0.21
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
2017
|
|
|
||||||||||
|
|
Amount
|
|
% to Net Sales
|
|
|
Amount
|
|
% to Net Sales
|
|
|
||||||
|
|
(dollars in millions, except per share figures)
|
|||||||||||||||
Net sales
|
|
$
|
16,516
|
|
|
|
|
|
$
|
16,267
|
|
|
|
|
|
||
Credit card revenues, net
|
|
528
|
|
|
3.2
|
|
%
|
473
|
|
|
2.9
|
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales
|
|
(9,927
|
)
|
|
(60.1
|
)
|
%
|
(9,858
|
)
|
|
(60.6
|
)
|
%
|
||||
Selling, general and administrative expenses
|
|
(6,501
|
)
|
|
(39.4
|
)
|
%
|
(6,406
|
)
|
|
(39.4
|
)
|
%
|
||||
Gains on sale of real estate
|
|
111
|
|
|
0.7
|
|
%
|
176
|
|
|
1.1
|
|
%
|
||||
Impairment, restructuring and other costs
|
|
(39
|
)
|
|
(0.2
|
)
|
%
|
(33
|
)
|
|
(0.2
|
)
|
%
|
||||
Operating income
|
|
688
|
|
|
4.2
|
|
%
|
619
|
|
|
3.8
|
|
%
|
||||
Benefit plan income, net
|
|
31
|
|
|
|
|
|
42
|
|
|
|
|
|
||||
Settlement charges
|
|
(73
|
)
|
|
|
|
|
(73
|
)
|
|
|
|
|
||||
Interest expense, net
|
|
(187
|
)
|
|
|
|
|
(237
|
)
|
|
|
|
|
||||
Losses on the early retirement of debt
|
|
(5
|
)
|
|
|
|
|
(1
|
)
|
|
|
|
|
||||
Income before income taxes
|
|
454
|
|
|
|
|
|
350
|
|
|
|
|
|
||||
Federal, state and local income tax expense
|
|
(96
|
)
|
|
|
|
|
(138
|
)
|
|
|
|
|
||||
Net income
|
|
358
|
|
|
|
|
212
|
|
|
|
|
||||||
Net loss attributable to noncontrolling interest
|
|
10
|
|
|
|
|
|
7
|
|
|
|
|
|
||||
Net income attributable to Macy's, Inc. shareholders
|
|
$
|
368
|
|
|
2.2
|
|
%
|
$
|
219
|
|
|
1.3
|
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share attributable to
Macy's, Inc. shareholders
|
|
$
|
1.18
|
|
|
|
|
|
$
|
0.71
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Supplemental Financial Measures
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gross margin
(a)
|
|
$
|
6,589
|
|
|
39.9
|
|
%
|
$
|
6,409
|
|
|
39.4
|
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Supplemental Non-GAAP Financial Measures
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share attributable to Macy's, Inc. shareholders, excluding the impact of certain items
|
|
$
|
1.45
|
|
|
|
|
|
$
|
0.93
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
•
|
Total net sales are expected to range from up 0.3% to up 0.7% compared to fiscal 2017.
|
•
|
Annual comparable sales on an owned plus licensed basis are expected to increase between 2.3% and 2.5%. Annual comparable sales on an owned basis are expected to be 20-30 basis points below comparable sales on an owned plus licensed basis.
|
•
|
Adjusted earnings per diluted share are expected to be $4.10 to $4.30. This reflects an increase of 15 cents compared to the prior revised guidance provided at the end of the Company's second quarter of 2018.
|
|
|
Third Quarter of 2018
|
|
2018
|
||
|
|
|
|
|
||
Increase in comparable sales on an owned basis (note 1)
|
|
3.1
|
%
|
|
2.4
|
%
|
Impact of growth in comparable sales of departments licensed to third parties (note 2)
|
|
0.2
|
%
|
|
0.3
|
%
|
Increase in comparable sales on an owned plus licensed basis
|
|
3.3
|
%
|
|
2.7
|
%
|
(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, or material portion of 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.
|
|
|
Third Quarter of 2018
|
|
Third Quarter of 2017
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Net Income Attributable to Macy's, Inc. Shareholders
|
|
Diluted Earnings Per Share
|
|
Net Income Attributable to Macy's, Inc. Shareholders
|
|
Diluted Earnings Per Share
|
||||||||
As reported
|
|
$
|
62
|
|
|
$
|
0.20
|
|
|
$
|
30
|
|
|
$
|
0.10
|
|
Restructuring and other costs
|
|
3
|
|
|
0.01
|
|
|
33
|
|
|
0.11
|
|
||||
Settlement charges
|
|
23
|
|
|
0.08
|
|
|
22
|
|
|
0.07
|
|
||||
Income tax impact of certain items identified above
|
|
(5
|
)
|
|
(0.02
|
)
|
|
(20
|
)
|
|
(0.07
|
)
|
||||
As adjusted
|
|
$
|
83
|
|
|
$
|
0.27
|
|
|
$
|
65
|
|
|
$
|
0.21
|
|
|
|
2018
|
|
2017
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Net Income Attributable to Macy's, Inc. Shareholders
|
|
Diluted Earnings Per Share
|
|
Net Income Attributable to Macy's, Inc. Shareholders
|
|
Diluted Earnings Per Share
|
||||||||
As reported
|
|
$
|
368
|
|
|
$
|
1.18
|
|
|
$
|
219
|
|
|
$
|
0.71
|
|
Impairment, restructuring and other costs (Note 1)
|
|
31
|
|
|
0.10
|
|
|
33
|
|
|
0.11
|
|
||||
Settlement charges
|
|
73
|
|
|
0.23
|
|
|
73
|
|
|
0.24
|
|
||||
Losses on early retirement of debt (Note 2)
|
|
5
|
|
|
0.02
|
|
|
1
|
|
|
—
|
|
||||
Income tax impact of certain items identified above
|
|
(26
|
)
|
|
(0.08
|
)
|
|
(40
|
)
|
|
(0.13
|
)
|
||||
As adjusted
|
|
$
|
451
|
|
|
$
|
1.45
|
|
|
$
|
286
|
|
|
$
|
0.93
|
|
(1)
|
For 2018 the above pre-tax adjustment excludes impairment, restructuring and other costs attributable to the noncontrolling interest shareholder of $8 million.
|
(2)
|
The impact during 2017 represents a value less than $0.01 per diluted share attributable to Macy's, Inc. shareholders.
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 4.
|
Controls and Procedures.
|
Item 1.
|
Legal Proceedings.
|
Item 1A.
|
Risk Factors.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
|
Total
Number
of Shares
Purchased
|
|
Average
Price Paid
per Share ($)
|
|
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)
|
||||
August 5, 2018 – September 1, 2018
|
—
|
|
|
—
|
|
|
—
|
|
|
1,716
|
|
September 2, 2018 – October 6, 2018
|
—
|
|
|
—
|
|
|
—
|
|
|
1,716
|
|
October 7, 2018 – November 3, 2018
|
—
|
|
|
—
|
|
|
—
|
|
|
1,716
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(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
November 3, 2018
. All authorizations are cumulative and do not have an expiration date. As of
November 3, 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 November 3, 2018, filed on December 7, 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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