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Macy’s, Inc. Reports Third Quarter Earnings Of 36 Cents Per Diluted Share

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 (Nov. 7) at 10:30 a.m. (ET). Macy’s, Inc.’s webcast is accessible to the media and general public via the company's Web site at www.macysinc.com. Analysts and investors may call in on 1-888-724-9511, passcode 5303489. A replay of the conference call can be accessed on the Web site 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) (Note 1)

 

(All amounts in millions except percentages and per share figures)

 
13 Weeks Ended 13 Weeks Ended
October 27, 2012 October 29, 2011

$

 

% to Net sales

$

 

% to Net sales

 
Net sales $ 6,075 $ 5,853
 
Cost of sales (Note 2)   3,672   60.4 %   3,544   60.6 %
 
Gross margin 2,403 39.6 % 2,309 39.4 %
 
Selling, general and administrative expenses   (2,078 ) (34.2 %)   (2,018 ) (34.4 %)
 
Operating income 325 5.4 % 291 5.0 %
 
Interest expense – net   (103 )   (108 )
 
Income before income taxes 222 183
 
Federal, state and local income tax expense (Note 3)   (77 )   (44 )
 
Net income $ 145   $ 139  
 
Basic earnings per share $ .36   $ .33  
 
Diluted earnings per share $ .36   $ .32  
 
Average common shares:
Basic 401.3 425.3
Diluted 407.9 431.8
 
End of period common shares outstanding 395.5 420.6
 
Depreciation and amortization expense $ 269 $ 282
 

MACY’S, INC.

Consolidated Statements of Income (Unaudited)

Notes:

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