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

Macy's, Inc. believes that providing comparable sales growth including the impact of growth in comparable sales of departments licensed to third parties supplementally to its results of operations calculated in accordance with generally accepted accounting principles provides useful information to investors. In particular, Macy's, Inc. believes that this supplemental information assists in evaluating the Company's ability to generate sales growth, whether through owned businesses or departments licensed to third parties, on a comparable basis, and in evaluating the impact of changes in the manner in which certain departments are operated (e.g. the conversion in 2013 of most of the Company's previously owned athletic footwear business to licensed Finish Line shops).


9 WeeksEndedJanuary 4, 2014

13 WeeksEndedFebruary 1, 2014

52 WeeksEndedFebruary 1, 2014

Increase in comparable sales (Note 1)
3.6% 1.4% 1.9%

Impact of growth in comparable sales of departments licensed to third parties (Note 2)
0.7% 0.9% 0.9%

Comparable sales growth including the impact of growth in comparable sales of departments licensed to third parties
4.3% 2.3% 2.8%
(1)     Represents the period-to-period change in net sales from stores in operation throughout 2013 and 2012 and all net Internet sales, excluding commissions from departments licensed to third parties.
(2) Represents the impact on comparable sales of including the sales of departments licensed to third parties occurring in stores in operation throughout 2013 and 2012 and via the Internet in the calculation. The Company licenses third parties to operate certain departments in its stores and online and receives commissions from these third parties based on a percentage of their net sales. In its financial statements prepared in conformity with GAAP, the Company includes these commissions (rather than sales of the departments licensed to third parties) in its net sales. The Company does not, however, include any amounts in respect of licensed department sales in its comparable sales in accordance with GAAP.

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