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

(1) Because of the seasonal nature of the retail business, the results of operations for the 39 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 39 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.
 
MACY’S, INC.
 

Consolidated Balance Sheets (Unaudited)
 

(millions)
     
October 27, January 28, October 29,
2012 2012 2011
ASSETS:
Current Assets:
Cash and cash equivalents $ 1,264 $ 2,827 $ 1,097
Receivables 281 368 288
Merchandise inventories 7,208 5,117 7,158
Prepaid expenses and other current assets   410   465   408
Total Current Assets 9,163 8,777 8,951
 
Property and Equipment – net 8,212 8,420 8,423
Goodwill 3,743 3,743 3,743
Other Intangible Assets – net 570 598 608
Other Assets   582   557   538
 
Total Assets $ 22,270 $ 22,095 $ 22,263
 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt $ 421 $ 1,103 $ 805
Merchandise accounts payable 3,627 1,593 3,576
Accounts payable and accrued liabilities 2,419 2,788 2,375
Income taxes 89 371 66
Deferred income taxes   426   408   388
Total Current Liabilities 6,982 6,263 7,210
 
Long-Term Debt 6,519 6,655 6,151
Deferred Income Taxes 1,182 1,141 1,402
Other Liabilities 2,024 2,103 1,648
Shareholders’ Equity   5,563   5,933   5,852
 
Total Liabilities and Shareholders’ Equity $ 22,270 $ 22,095 $ 22,263
 

Note: Certain reclassifications were made to prior year’s amounts to conform with the classifications of such amounts in the most recent years.
 
MACY’S, INC.
 

Consolidated Statements of Cash Flows (Unaudited)
 

(millions)

 
 

39 Weeks Ended October 27, 2012
 

39 Weeks Ended October 29, 2011
Cash flows from operating activities:
Net income $ 605 $ 511

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 782 818
Stock-based compensation expense 47 54

Amortization of financing costs and premium on acquired debt
(10 ) (12 )
Changes in assets and liabilities:
Decrease in receivables 91 28
Increase in merchandise inventories (2,091 ) (2,400 )

(Increase) decrease in prepaid expenses and other current assets
58 (32 )
Decrease in other assets not separately identified 23 40
Increase in merchandise accounts payable 1,941 2,023

Decrease in accounts payable and accrued liabilities not separately identified
(323 ) (220 )
Decrease in current income taxes (282 ) (117 )
Increase in deferred income taxes 14 162

Increase (decrease) in other liabilities not separately identified
  34     (228 )
Net cash provided by operating activities   889     627  
 
Cash flows from investing activities:
Purchase of property and equipment (464 ) (359 )
Capitalized software (169 ) (141 )
Disposition of property and equipment 36 22
Proceeds from insurance claims - 6
Other, net   (18 )   -  
Net cash used by investing activities   (615 )   (472 )
 

Cash flows from financing activities:

Debt repaid
(803 ) (451 )
Financing costs - (8 )
Dividends paid (246 ) (106 )
Increase in outstanding checks 38 140
Acquisition of treasury stock (1,018 ) (210 )
Issuance of common stock   192     113  
Net cash used by financing activities   (1,837 )   (522 )
 
Net decrease in cash and cash equivalents (1,563 ) (367 )
Cash and cash equivalents at beginning of period   2,827     1,464  
 
Cash and cash equivalents at end of period $ 1,264   $ 1,097  

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