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Macy’s, Inc. Reports Second Quarter Earnings Of 80 Cents Per Diluted Share, An Increase Of 11 Percent

Sales

Sales in the second quarter of 2014 totaled $6.267 billion, up 3.3 percent from total sales of $6.066 billion in the second quarter of 2013. Comparable sales together with comparable sales of departments licensed to third parties were up 4.0 percent in the second quarter of 2014 over 2013. Second quarter comparable sales were up 3.4 percent in 2014 compared with 2013.

For the year to date, Macy’s, Inc. sales totaled $12.546 billion, up 0.7 percent from total sales of $12.453 billion in the first half of 2013. Comparable sales together with comparable sales of departments licensed to third parties were up 1.5 percent in the first half of 2014 over 2013. Year-to-date comparable sales were up 0.8 percent in 2014 compared with 2013.

Please see the last page of this news release for important information regarding the calculation of the company’s comparable sales and comparable sales together with comparable sales of departments licensed to third parties.

In August 2014, the company closed Macy’s stores in Bradenton, FL, and York, PA. In the second half of 2014, the company is opening three new Macy’s stores in Sarasota, FL, Las Vegas, NV, and The Bronx in New York City. A new Bloomingdale’s replacement store will open in Palo Alto, CA.

Operating Income

Macy’s, Inc.’s operating income totaled $571 million or 9.1 percent of sales for the quarter ended Aug. 2, 2014, compared with operating income of $534 million or 8.8 percent of sales for the same period last year.

For the first half of 2014, Macy’s, Inc.’s operating income totaled $1.014 billion or 8.1 percent of sales, compared with operating income of $969 million or 7.8 percent of sales for the same period last year.

Cash Flow

Net cash provided by operating activities was $646 million in the first half of 2014, compared with $664 million in the first six months of last year. Net cash used by investing activities in the first half of 2014 was $288 million, compared with $316 million a year ago. Net cash used by financing activities in the first six months of 2014 was $1.001 billion, compared with $760 million in the first half of 2013.

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