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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