(1) Because of the seasonal nature of the retail business, the results of operations for the 13 weeks ended October 27, 2012 and October 29, 2011 (which do not include the Christmas season) are not necessarily indicative of such results for the fiscal year.
(2) 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 October 27, 2012 or October 29, 2011.
(3) 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.
Consolidated Statements of Income (Unaudited) (Note 1)
(All amounts in millions except percentages and per share figures)
|39 Weeks Ended||39 Weeks Ended|
|October 27, 2012||October 29, 2011|
% to Net sales
% to Net sales
|Cost of sales (Note 2)||10,984||59.9||%||10,587||59.9||%|
|Selling, general and administrative expenses||(6,082||)||(33.2||%)||(5,967||)||(33.7||%)|
|Interest expense – net||(320||)||(335||)|
|Income before income taxes||950||792|
|Federal, state and local income tax expense (Note 3)||(345||)||(281||)|
|Basic earnings per share||$||1.48||$||1.20|
|Diluted earnings per share||$||1.45||$||1.18|
|Average common shares:|
|End of period common shares outstanding||395.5||420.6|
|Depreciation and amortization expense||$||782||$||818|
MACY’S, INC.Consolidated Statements of Income (Unaudited) Notes:
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