Diluted 2014 EPS is $4.22, or $4.40 as
adjusted, +10% vs. prior year;
Company focuses on continued profitable
sales growth as it meets EBITDA rate target
Macy’s, Inc. (NYSE:M) today reported continued sales and
earnings growth in the fourth quarter and full year 2014, ended Jan
31, 2015. In fiscal 2014, the company attained its long-term
profitability target (see section below regarding Adjusted EBITDA
as a Percent to Net Sales) and has now turned its focus to driving
additional profitable sales growth through a series of organic and
new businesses initiatives. The company’s growth journey remains
guided by Macy’s core business strategies – My Macy’s localization,
Omnichannel integration and Magic Selling – which are known by the
acronym of M.O.M.
“Macy’s, Inc. reached a milestone in 2014 by achieving a 14
percent Adjusted EBITDA Rate, which positions us among
best-in-class retailers,” said Terry J. Lundgren, chairman and
chief executive officer of Macy’s, Inc. “Our success in
progressively increasing sales with double-digit increases in
profitability in recent years has been the result of disciplined
execution of our M.O.M. strategies and continuous improvement in
every aspect of our business, made possible by the exceptional
talent we have at all levels of the organization."
For the full year 2014, earnings were $4.22 per diluted share,
or $4.40 excluding items described below. This represents an
increase of 9 percent, or 10 percent excluding items described
below, over fiscal 2013. The $4.40 per share is in line with
management’s initial guidance provided at the beginning of the year
for earnings per share, excluding items described below, to be in
the range of $4.40 to $4.50 per share in fiscal 2014, and better
than the revised guidance in the range of $4.25 to $4.35 provided
at the end of the third quarter. Comparable sales growth on an
owned plus licensed basis in the full-year 2014 was 1.4 percent. On
an owned basis, full-year 2014 comparable sales grew 0.7
percent.
Focused on Growth
“Having now reached such a healthy profitability rate, we are
shifting our resources and energies to growing the topline faster
while maintaining this high profitability rate level. As described
in various announcements made over the past 45 days, we have now
fully aligned our management team to fuel organic growth within our
existing omnichannel business as customer shopping patterns evolve
at both Macy’s and Bloomingdale’s,” Lundgren said.
“Concurrently, we have established an entirely new part of our
organization to lead innovation and new growth initiatives –
including offprice, international and new store formats,” he added.
“We expect some of these new activities to enter start-up phases
later in 2015, and we remain committed to succeeding in a
test-and-learn environment where the best and most promising ideas
can be ramped up quickly. We are very excited about our upcoming
acquisition of Bluemercury, Inc., widely recognized as America’s
largest and fastest-growing luxury beauty products and spa
retailer. We continue to expect to complete the Bluemercury
transaction in the first quarter, with an initial focus on
accelerating the growth of its base of self-standing specialty
stores in urban and suburban markets, as well as on accelerated
omnichannel growth and offering Bluemercury products in Macy’s
stores. This represents a new channel and access to new customers
for our company.”
Sales
For the 52 weeks of 2014, Macy’s, Inc. sales totaled $28.105
billion, up 0.6 percent from total sales of $27.931 billion in
fiscal 2013. Comparable sales growth on an owned plus licensed
basis for the full-year 2014 was 1.4 percent. On an owned basis,
full-year 2014 comparable sales grew 0.7 percent.
Sales in the 13-week fourth quarter of 2014 totaled $9.364
billion, up 1.8 percent from total sales of $9.202 billion in the
fourth quarter of 2013. Comparable sales growth on an owned plus
licensed basis for the fourth quarter was 2.5 percent. On an owned
basis, fourth quarter comparable sales grew 2.0 percent.
In fiscal 2014, the company opened five stores and closed 22
stores, all as previously announced. Macy’s opened new stores in
Sarasota, FL; Las Vegas, NV; and The Bronx, NY. Bloomingdale’s
opened a new replacement store in Palo Alto, CA, and closed an
older store in the same center, as well as opened a new furniture
clearance store in Wayne, NJ. Macy’s closed stores in Phoenix, AZ;
Cupertino, CA; Woodland Hills, CA (2); Bradenton and Port Richey,
FL; Southfield, MI; Greensboro, NC; Ledgewood, NJ; DeWitt and
Schenectady, NY; Columbus, Richmond Heights and Springfield, OH;
York, PA; and Memphis, TN. In addition, Macy’s combined three
stores into two in the same mall in Torrance, CA, and consolidated
two stores into one in the same centers in Minnetonka, MN, Houston,
TX, and Arlington, VA. Bloomingdale’s closed a furniture clearance
store in Mt. Pleasant, NY.
Operating Income
For fiscal 2014, Macy’s, Inc.’s operating income totaled $2.800
billion or 10.0 percent of sales, compared with operating income of
$2.678 billion or 9.6 percent of sales for fiscal 2013. Macy’s,
Inc.’s fiscal 2014 operating income included expenses and asset
impairment charges of $87 million associated with the previously
announced merchandising and marketing restructuring, store and
field adjustments, and store closings. This is lower than
previously expected because of lower severance costs. Of this $87
million, $33 million was related to non-cash write-offs related
primarily to store closings. Excluding these items, operating
income for fiscal 2014 was $2.887 billion or 10.3 percent of sales.
Macy’s, Inc.’s fiscal 2013 operating income included asset
impairment charges and other costs and expenses of $88 million
primarily associated with store closings, cost reduction
initiatives and related items. Excluding these items, operating
income for fiscal 2013 was $2.766 billion or 9.9 percent of
sales.
Macy’s, Inc.’s operating income totaled $1.364 billion or 14.6
percent of sales for the 13-week quarter ended Jan. 31, 2015,
compared with operating income of $1.349 billion or 14.7 percent of
sales for the fourth quarter of fiscal 2013. Macy’s, Inc.’s fourth
quarter 2014 operating income included expenses and asset
impairment charges of $87 million associated with the previously
announced merchandising and marketing restructuring, store and
field adjustments, and store closings. Excluding these items,
operating income for the fourth quarter of 2014 was $1.451 billion
or 15.5 percent of sales. Fourth quarter 2013 operating income
included asset impairment charges and other costs and expenses of
$88 million primarily associated with store closings, cost
reduction initiatives and related items. Excluding these items,
operating income for the fourth quarter of 2013 was $1.437 billion
or 15.6 percent of sales.
Earnings Per Share
For the full-year fiscal 2014, Macy’s, Inc. earned $4.22 per
diluted share, an increase of 9 percent from fiscal 2013. Earnings
per diluted share for fiscal 2014 were $4.40 after excluding
charges of $87 million ($54 million after tax or 15 cents per
diluted share) associated with previously announced merchandising
and marketing restructuring, store and field adjustments, store
closings and asset impairments, as well as $17 million ($10 million
after tax or 3 cents per diluted share) of interest expense related
to the make-whole premium for the early retirement of debt. This
represented an increase of 10 percent compared with 2013 earnings
per diluted share excluding certain items.
For fiscal 2013, Macy’s, Inc. earned $3.86 per diluted share.
Earnings per diluted share for fiscal 2013 were $4.00 after
excluding pre-tax expenses and asset impairment charges of $88
million ($54 million after tax or 14 cents per share) associated
with store closings, cost reduction initiatives and related
items.
Fourth quarter 2014 earnings were $2.26 per diluted share, or
$2.44 excluding charges of $87 million ($54 million after tax or 15
cents per diluted share) associated with previously announced
merchandising and marketing restructuring, store and field
adjustments, store closings and asset impairments, as well as $17
million ($10 million after tax or 3 cents per diluted share) of
interest expense related to the make-whole premium for the early
retirement of debt. described below. The fourth quarter charges of
$87 million were lower than the estimate of $100 million to $110
million provided in the company’s Feb. 3 news release on
investments for sales growth. This was primarily the result of
lower severance expense as the company was able to place more
associates than expected in new jobs within the company in the
course of its workforce reductions.
In the fourth quarter of 2013, earnings were $2.16 per diluted
share. Diluted earnings per share for the fourth quarter of 2013
were $2.31 after excluding pre-tax expenses and asset impairment
charges of $88 million ($54 million after tax or 15 cents per
share) associated with store closings, cost reduction initiatives
and related items.
Adjusted EBITDA as a Percent to Net
Sales
Macy’s, Inc. adjusted earnings before interest, taxes,
depreciation and amortization (Adjusted EBITDA) rose in 2014 to
$3.923 billion, or 14 percent of sales.
The company had previously targeted an EBITDA rate of 14
percent. Achieving this target represents significant progress over
the past six years since the company adopted a unified
organizational structure and market localization in 2009. The
company’s Adjusted EBITDA rate as a percent to sales was 11.3
percent in fiscal 2009.
Net income for 2014 was $1.526 billion, or 5.4 percent of sales,
compared to net income for 2009 of $329 million, or 1.4 percent of
sales.
Cash Flow
Net cash provided by operating activities was $2.709 billion in
fiscal 2014, compared with $2.549 billion in fiscal 2013. Net cash
used by investing activities in fiscal 2014 was $970 million,
compared with $788 million in the previous year. Thus, net cash
provided before financing activities was $1.739 billion in fiscal
2014, compared with $1.761 billion in fiscal 2013.
In fiscal 2014, the company repurchased approximately 31.9
million shares of its common stock for approximately $1.9 billion.
At Jan. 31, 2015, the company had remaining authorization to
repurchase up to approximately $1.0 billion of its common
stock.
Looking Ahead
The company expects comparable sales growth on an owned plus
licensed basis, as well as on an owned basis, of approximately 2
percent in fiscal 2015. Total sales are expected to grow about 1
percent in fiscal 2015. Earnings of $4.70 to $4.80 per share are
expected in 2015. Capital expenditures for 2015 are expected to be
approximately $1.2 billion, an increase from $1.07 billion in 2014,
reflecting new investment in growth initiatives.
In fiscal 2015, the company expects to open a new Macy’s store
in Ponce, PR, and a Bloomingdale’s in Honolulu, HI. For fiscal
2016, a new Macy’s store has been announced for opening in Kapolei,
HI, along with a replacement Macy’s store in Los Angeles, CA.
Announced new stores for fiscal 2017 include new Macy’s and
Bloomingdale’s in Miami, FL, and a new Bloomingdale’s in San Jose,
CA. In addition, new Macy’s and Bloomingdale’s stores are planning
to open in Abu Dhabi, United Arab Emirates, in 2018 under license
agreements with Al Tayer Group.
Important Information Regarding
Financial Measures
Please see the final pages of this news release for important
information regarding the calculation of the company’s comparable
sales and non-GAAP financial measures.
Investor Conferences
Macy’s, Inc. will present at the Bank of America Merrill Lynch
2015 Consumer & Retail Conference at 8 a.m. ET on Tuesday,
March 3, in New York City and at the Telsey Advisory Group 7th
Annual Spring Consumer Conference at 8:10 a.m. ET on Tuesday, March
24, in New York City. Media and investors may access the live
webcast of the presentations at www.macysinc.com/ir at the
appointed times. The webcasts will be available for replay.
Macy’s, Inc., with corporate offices in Cincinnati and New York,
is one of the nation’s premier retailers, with fiscal 2014 sales of
$28.105 billion. The company operates about 825 stores in 45
states, the District of Columbia, Guam and Puerto Rico under the
names of Macy’s and Bloomingdale’s, as well as the macys.com and
bloomingdales.com websites. The company operates 13 Bloomingdale’s
Outlet stores. Bloomingdale’s in Dubai is operated by Al Tayer
Group LLC under a license agreement.
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such
statements are based upon the current beliefs and expectations of
Macy’s management and are subject to significant risks and
uncertainties. Actual results could differ materially from those
expressed in or implied by the forward-looking statements contained
in this release because of a variety of factors, including
conditions to, or changes in the timing of, proposed transactions,
prevailing interest rates and non-recurring charges, competitive
pressures from specialty stores, general merchandise stores,
off-price and discount stores, manufacturers’ outlets, the
Internet, mail-order catalogs and television shopping and general
consumer spending levels, including the impact of the availability
and level of consumer debt, the effect of weather and other factors
identified in documents filed by the company with the Securities
and Exchange Commission.
(NOTE: Additional information on Macy’s, Inc., including past
news releases, is available at www.macysinc.com/pressroom. A
webcast of Macy's, Inc.’s call with analysts and investors will be
held today (Feb. 24) at 10:30 a.m. ET. The webcast is accessible to
the media and general public via the company's website at
www.macysinc.com. Analysts and investors may call in on
1-800-835-9927, passcode 8920673. A replay of the conference call
can be accessed on the website or by calling 1-888 203-1112 (same
passcode) about two hours after the conclusion of the call.)
MACY’S, INC.
Consolidated
Statements of Income (Unaudited)
(All amounts in millions except
percentages and per share figures)
13 Weeks Ended 13 Weeks Ended
January
31, 2015 February 1, 2014 % to %
to $ Net sales $ Net sales Net sales $ 9,364 $ 9,202
Cost of sales (Note 1)
5,589
59.7 % 5,464
59.4 % Gross margin 3,775 40.3 %
3,738 40.6 % Selling, general and administrative expenses
(2,324 ) (24.8 %) (2,301 ) (25.0 %) Impairments, store
closing and other costs (Note 2)
(87 )
(0.9 %)
(88 )
(0.9 %) Operating income 1,364
14.6 % 1,349 14.7 % Interest expense – net (97 ) (99 )
Premium on early retirement of debt (Note 3)
(17 )
- Income
before income taxes 1,250 1,250 Federal, state and local
income tax expense (Note 4)
(457 )
(439 ) Net income
$
793 $ 811
Basic earnings per share
$ 2.30
$ 2.21 Diluted
earnings per share
$ 2.26
$ 2.16 Average common
shares: Basic 344.3 367.7 Diluted 350.9 375.1 End of period
common shares outstanding 340.6 364.9 Depreciation and
amortization expense $ 266 $ 259
MACY’S, INC.
Consolidated
Statements of Income (Unaudited)
Notes: (1) Merchandise inventories are valued
at the lower of cost or market using the last-in, first-out (LIFO)
retail inventory method. Application of the LIFO retail inventory
method did not result in the recognition of any LIFO charges or
credits affecting cost of sales for the 13 weeks ended January 31,
2015 or February 1, 2014. (2) For the 13 weeks ended January
31, 2015, includes $33 million of asset impairment charges
primarily related to the store closings announced in January 2015,
$46 million of severance and other human resource-related costs
associated with the organization changes and store closings
announced in January 2015, and $8 million of other related costs
and expenses. For the 13 weeks ended February 1, 2014, included $39
million of asset impairment charges primarily related to the store
closings announced in January 2014, $43 million of
restructuring-related costs and expenses associated with the
cost-reduction initiatives and organization changes announced in
January 2014, primarily severance and other human resource-related
costs, and $6 million of other related costs and expenses. These
costs amounted to $.15 per diluted share for the 13 weeks ended
January 31, 2015 and the 13 weeks ended February 1, 2014.
(3) For the 13 weeks ended January 31, 2015, includes approximately
$17 million on a pre-tax basis, or $10 million after tax or $.03
per diluted share, of expenses associated with the make-whole
premium for the retirement of $407 million of 7.875% senior notes
due 2015. (4) Federal, state and local income taxes differ
from the federal income tax statutory rate of 35%, principally
because of the effect of state and local taxes, including the
settlement of various tax issues and tax examinations.
Additionally, income tax expense for the 13 weeks ended February 1,
2014 benefited from a $13 million ($.03 per diluted share)
reduction in the valuation allowance related primarily to state net
operating loss carryforwards.
MACY’S, INC.
Consolidated
Statements of Income (Unaudited)
(All amounts in millions except
percentages and per share figures)
52 Weeks Ended 52 Weeks Ended
January
31, 2015 February 1, 2014 % to %
to $ Net sales $ Net sales Net sales $ 28,105 $ 27,931
Cost of sales (Note 1)
16,863
60.0 % 16,725
59.9 % Gross margin 11,242 40.0 %
11,206 40.1 % Selling, general and administrative expenses
(8,355 ) (29.7 %) (8,440 ) (30.2 %) Impairments, store
closing and other costs (Note 2)
(87 )
(0.3 %)
(88 )
(0.3 %) Operating income 2,800
10.0 % 2,678 9.6 % Interest expense – net (393 ) (388 )
Premium on early retirement of debt (Note 3)
(17 )
- Income
before income taxes 2,390 2,290 Federal, state and local
income tax expense (Note 4)
(864 )
(804 ) Net income
$
1,526 $ 1,486
Basic earnings per share
$ 4.30
$ 3.93 Diluted
earnings per share
$ 4.22
$ 3.86 Average common
shares: Basic 355.2 378.3 Diluted 361.7 384.8 End of period
common shares outstanding 340.6 364.9 Depreciation and
amortization expense $ 1,036 $ 1,020
MACY’S, INC.
Consolidated
Statements of Income (Unaudited)
Notes: (1) Merchandise inventories are valued
at the lower of cost or market using the last-in, first-out (LIFO)
retail inventory method. Application of the LIFO retail inventory
method did not result in the recognition of any LIFO charges or
credits affecting cost of sales for the 52 weeks ended January 31,
2015 or February 1, 2014. (2) For the 52 weeks ended January
31, 2015, includes $33 million of asset impairment charges
primarily related to the store closings announced in January 2015,
$46 million of severance and other human resource-related costs
associated with the organization changes and store closings
announced in January 2015, and $8 million of other related costs
and expenses. For the 52 weeks ended February 1, 2014, included $39
million of asset impairment charges primarily related to the store
closings announced in January 2014, $43 million of
restructuring-related costs and expenses associated with the
cost-reduction initiatives and organization changes announced in
January 2014, primarily severance and other human resource-related
costs, and $6 million of other related costs and expenses. For the
52 weeks ended January 31, 2015 and February 1, 2014, these costs
amounted to $.15 and $.14 per diluted share, respectively.
(3) For the 52 weeks ended January 31, 2015, includes approximately
$17 million on a pre-tax basis, or $10 million after tax or $.03
per diluted share, of expenses associated with the make-whole
premium for the retirement of $407 million of 7.875% senior notes
due 2015. (4) Federal, state and local income taxes differ
from the federal income tax statutory rate of 35%, principally
because of the effect of state and local taxes, including the
settlement of various tax issues and tax examinations.
Additionally, income tax expense for the 52 weeks ended February 1,
2014 benefited from a $13 million ($.03 per diluted share)
reduction in the valuation allowance related primarily to state net
operating loss carryforwards.
MACY’S, INC.
Consolidated Balance
Sheets (Unaudited)
(millions)
January 31, February 1,
2015
2014 ASSETS: Current Assets: Cash and cash equivalents
$ 2,246 $ 2,273 Receivables 424 438 Merchandise inventories 5,516
5,557 Prepaid expenses and other current assets
493 420 Total Current Assets 8,679
8,688 Property and Equipment – net 7,800 7,930 Goodwill
3,743 3,743 Other Intangible Assets – net 496 527 Other Assets
743 732 Total Assets
$ 21,461 $
21,620 LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities: Short-term debt $ 76 $ 463 Merchandise
accounts payable 1,693 1,691 Accounts payable and accrued
liabilities 3,109 2,810 Income taxes 296 362 Deferred income taxes
362 400 Total Current
Liabilities 5,536 5,726 Long-Term Debt 7,265 6,714 Deferred
Income Taxes 1,081 1,273 Other Liabilities 2,201 1,658
Shareholders’ Equity
5,378
6,249 Total Liabilities and Shareholders’
Equity
$ 21,461 $
21,620
MACY’S, INC.
Consolidated
Statements of Cash Flows (Unaudited)
(millions)
52 Weeks Ended 52 Weeks Ended January 31, 2015
February 1, 2014 Cash flows from operating activities: Net income $
1,526 $ 1,486
Adjustments to reconcile net income to net
cash provided by operating activities:
Impairments, store closing and other costs 87 88 Depreciation and
amortization 1,036 1,020 Stock-based compensation expense 73 62
Amortization of financing costs and
premium on acquired debt
(5 ) (8 ) Changes in assets and liabilities: (Increase) decrease in
receivables 22 (58 ) (Increase) decrease in merchandise inventories
40 (249 )
Increase in prepaid expenses and other
current assets
(3 ) (2 ) Increase in other assets not separately identified (61 )
(1 ) Increase (decrease) in merchandise accounts payable (17 ) 101
Increase in accounts payable, accrued
liabilities and other items not separately identified
37 48 Increase (decrease) in current income taxes (65 ) 7 Increase
(decrease) in deferred income taxes 29 (142 )
Increase in other liabilities not
separately identified
10 197 Net
cash provided by operating activities
2,709
2,549 Cash flows from
investing activities: Purchase of property and equipment (770 )
(607 ) Capitalized software (298 ) (256 ) Disposition of property
and equipment 172 132 Other, net
(74 )
(57 ) Net cash used by investing activities
(970 )
(788 )
Cash flows from financing activities:
Debt issued 1,044 400 Financing costs (9 ) (9 ) Debt repaid (870 )
(124 ) Dividends paid (421 ) (359 ) Increase in outstanding checks
133 24 Acquisition of treasury stock (1,901 ) (1,571 ) Issuance of
common stock
258 315
Net cash used by financing activities
(1,766 )
(1,324 ) Net
increase (decrease) in cash and cash equivalents (27 ) 437 Cash and
cash equivalents at beginning of period
2,273
1,836 Cash and cash
equivalents at end of period
$ 2,246
$ 2,273
MACY’S, INC.
Important Information
Regarding Non-GAAP Financial Measures
(All amounts in millions except
percentages)
The Company reports its financial results in accordance with
generally accepted accounting principles (GAAP). However,
management believes that certain non-GAAP financial measures
provide users of the Company's financial information with
additional useful information in evaluating operating performance.
See below for supplemental financial data and a corresponding
reconciliation to the most directly comparable GAAP financial
measures. These non-GAAP financial measures should be viewed as
supplementing, and not as an alternative or substitute for, the
Company's financial results prepared in accordance with GAAP.
Certain of the items that may be excluded or included in non-GAAP
financial measures may be significant items that could impact the
Company's financial position, results of operations and cash flows
and should therefore be considered in assessing the Company's
actual financial condition and performance. Additionally, the
amounts received by the Company on account of sales of departments
licensed to third parties are limited to commissions received on
such sales. The methods used by the Company to calculate its
non-GAAP financial measures may differ significantly from methods
used by other companies to compute similar measures. As a result,
any non-GAAP financial measures presented herein may not be
comparable to similar measures provided by other companies.
Comparable Sales
Growth
13 Weeks 52 Weeks Ended Ended January
31, January 31, 2015 2015
Increase in comparable sales on an owned
basis (Note 1)
2.0 %
0.7 %
Impact of growth in comparable sales of
departments licensed to third parties (Note 2)
0.5 %
0.7 %
Increase in comparable sales on an owned
plus licensed basis
2.5 %
1.4 % Notes:
(1) Represents the period-to-period change in net sales from stores
in operation throughout the year presented and the immediately
preceding year and all net Internet sales, excluding commissions
from departments licensed to third parties. (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 via the Internet
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 sales of the departments licensed to third parties) in
its net sales. The Company does not, however, include any amounts
in respect of licensed department sales (or any commissions earned
on such sales) in its comparable sales in accordance with GAAP
(i.e. on an owned basis).
Macy's, Inc. believes that providing changes in comparable sales
on an owned plus licensed basis, which includes the impact of
growth in comparable sales of departments licensed to third parties
supplementally to its results of operations calculated in
accordance with GAAP assists in evaluating the Company's ability to
generate sales growth, whether through owned businesses or
departments licensed to third parties, on a comparable basis, and
in evaluating the impact of changes in the manner in which certain
departments are operated (e.g. the conversion in 2013 of most of
the Company's previously owned athletic footwear business to
licensed Finish Line shops).
MACY’S, INC.
Important
Information Regarding Non-GAAP Financial Measures
(All amounts in millions except
percentages)
Adjusted EBITDA as a
Percent to Net Sales
2014 2009
Net sales
$ 28,105
$ 23,489 Net income
$
1,526 $ 329
Net income as a percent to net sales
5.4 %
1.4 % Net income $ 1,526 $ 329 Add back
interest expense - net 393 556 Add back premium on early retirement
of debt 17 - Add back federal, state and local income tax expense
864 178
Add back impairments, store closing and
other costs and division consolidation costs
87 391 Add back depreciation and amortization
1,036 1,210 Adjusted
EBITDA
$ 3,923 $
2,664 Adjusted EBITDA as a percent to net sales
14.0 %
11.3 %
Management believes that excluding certain items that may vary
substantially in frequency and magnitude from earnings before
interest, taxes, depreciation and amortization (“EBITDA”) as a
percentage to sales is a useful supplemental measure that assists
in evaluating the Company’s ability to generate earnings and
leverage sales, and to more readily compare these metrics between
past and future periods. Management also believes that EBITDA and
Adjusted EBITDA are frequently used by investors and securities
analysts in their evaluations of companies, and that such
supplemental measures facilitate comparisons between companies that
have different capital and financing structures and/or tax
rates.
Macy’s, Inc.Media:Jim Sluzewski, 513-579-7764orInvestor:Matt
Stautberg, 513-579-7780
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