For the 52 weeks of fiscal 2013, Macy’s, Inc. earned $3.86 per diluted share. Earnings per diluted share were $4.00 for fiscal 2013, excluding pre-tax expenses and asset impairment charges of $88 million ($54 million after tax or 14 cents per diluted share) associated with previously announced store closings, cost reduction initiatives and related items.
For the 53 weeks of fiscal 2012, Macy’s, Inc. earned $3.24 per diluted share. Earnings per diluted share were $3.46 for fiscal 2012, excluding pre-tax expenses of $137 million ($87 million after tax or 21 cents per share) associated with the early retirement of approximately $873 million of outstanding debt, and asset impairment charges and other costs and expenses of approximately $5 million ($3 million after tax or 1 cent per share) related primarily to store closings.
Net cash provided by operating activities was $2.549 billion in fiscal 2013, compared with $2.179 billion in fiscal 2012. Net cash used by investing activities in fiscal 2013 was $788 million, compared with $781 million in the previous year. Thus, net cash provided before financing activities was $1.761 billion in fiscal 2013, compared with $1.398 billion in fiscal 2012.Capital expenditures were below plan by $62 million in fiscal 2013, and the company expects that approximately $50 million of this amount will be added to 2014. In fiscal 2013, the company repurchased approximately 33.6 million shares of its common stock for approximately $1.6 billion. At Feb. 1, 2014, the company had remaining authorization to repurchase up to approximately $1.4 billion of its common stock. Looking Ahead The company is reiterating its annual sales and earning guidance, initially provided on January 8, 2014. Comparable sales growth in fiscal 2014 is expected in the range of 2.5 percent to 3 percent. Earnings of $4.40 to $4.50 per share are expected in 2014. Capital expenditures for 2014 are expected to be approximately $1.05 billion, which includes amounts delayed from 2013.
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