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Macy’s, Inc. Reports Its Fourth Consecutive Year Of Double-Digit Growth In Earnings Per Share

Operating Income

Macy’s, Inc.’s operating income totaled $1.391 billion for the 14-week quarter ended Feb. 2, 2013, compared with operating income of $1.284 billion for the 13-week fourth quarter of fiscal 2011. Macy’s, Inc.’s fourth quarter 2012 operating income included expenses of $5 million primarily associated with store closings. Excluding these costs, operating income for the fourth quarter of 2012 was $1.396 billion or 14.9 percent of sales. Fourth quarter 2011 operating income included gains of $54 million from the sale of store leases and costs of $29 million associated primarily with store closings. Excluding these gains and costs, operating income for the fourth quarter of 2011 was $1.259 billion or 14.4 percent of sales.

For the 53 weeks of fiscal 2012, Macy’s, Inc.’s operating income totaled $2.661 billion, compared with operating income of $2.411 billion for the 52 weeks of fiscal 2011. Macy’s, Inc.’s fiscal 2012 operating income included expenses of $5 million primarily from asset impairment and store closing costs. Excluding these costs, operating income for fiscal 2012 was $2.666 billion or 9.6 percent of sales. Macy’s, Inc.’s fiscal 2011 operating income included gains of $54 million from the sale of store leases and costs of $29 million in asset impairment and other store closing costs. Excluding these gains and costs, operating income for fiscal 2011 was $2.386 billion or 9.0 percent of sales.

Cash Flow

Net cash provided by operating activities was $2.261 billion in fiscal 2012, compared with $2.093 billion in fiscal 2011. Net cash used by investing activities in fiscal 2012 was $863 million, compared with $617 million in the previous year. Thus, net cash provided before financing activities was $1.398 billion in fiscal 2011, compared with $1.476 billion in fiscal 2012.

In fiscal 2012, Macy’s, Inc. repaid $1.803 billion in debt and issued $1 billion in new debt. In fiscal 2011, the company repaid $454 million in debt and issued $800 million in new debt.

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