10-Q 1 m-10q_20221029.htm 10-Q m-10q_20221029.htm
0000794367 --01-28 Q3 false 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0000794367 2022-01-30 2022-10-29 xbrli:shares 0000794367 2022-11-26 iso4217:USD 0000794367 2022-07-31 2022-10-29 0000794367 2021-08-01 2021-10-30 0000794367 2021-01-31 2021-10-30 iso4217:USD xbrli:shares 0000794367 2022-10-29 0000794367 2022-01-29 0000794367 2021-10-30 0000794367 us-gaap:CommonStockMember 2022-01-29 0000794367 us-gaap:AdditionalPaidInCapitalMember 2022-01-29 0000794367 us-gaap:RetainedEarningsMember 2022-01-29 0000794367 us-gaap:TreasuryStockMember 2022-01-29 0000794367 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-29 0000794367 us-gaap:CommonStockMember 2022-01-30 2022-04-30 0000794367 us-gaap:AdditionalPaidInCapitalMember 2022-01-30 2022-04-30 0000794367 us-gaap:RetainedEarningsMember 2022-01-30 2022-04-30 0000794367 us-gaap:TreasuryStockMember 2022-01-30 2022-04-30 0000794367 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-30 2022-04-30 0000794367 2022-01-30 2022-04-30 0000794367 us-gaap:CommonStockMember 2022-04-30 0000794367 us-gaap:AdditionalPaidInCapitalMember 2022-04-30 0000794367 us-gaap:RetainedEarningsMember 2022-04-30 0000794367 us-gaap:TreasuryStockMember 2022-04-30 0000794367 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-04-30 0000794367 2022-04-30 0000794367 us-gaap:CommonStockMember 2022-05-01 2022-07-30 0000794367 us-gaap:AdditionalPaidInCapitalMember 2022-05-01 2022-07-30 0000794367 us-gaap:RetainedEarningsMember 2022-05-01 2022-07-30 0000794367 us-gaap:TreasuryStockMember 2022-05-01 2022-07-30 0000794367 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-05-01 2022-07-30 0000794367 2022-05-01 2022-07-30 0000794367 us-gaap:CommonStockMember 2022-07-30 0000794367 us-gaap:AdditionalPaidInCapitalMember 2022-07-30 0000794367 us-gaap:RetainedEarningsMember 2022-07-30 0000794367 us-gaap:TreasuryStockMember 2022-07-30 0000794367 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-07-30 0000794367 2022-07-30 0000794367 us-gaap:CommonStockMember 2022-07-31 2022-10-29 0000794367 us-gaap:AdditionalPaidInCapitalMember 2022-07-31 2022-10-29 0000794367 us-gaap:RetainedEarningsMember 2022-07-31 2022-10-29 0000794367 us-gaap:TreasuryStockMember 2022-07-31 2022-10-29 0000794367 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-07-31 2022-10-29 0000794367 us-gaap:CommonStockMember 2022-10-29 0000794367 us-gaap:AdditionalPaidInCapitalMember 2022-10-29 0000794367 us-gaap:RetainedEarningsMember 2022-10-29 0000794367 us-gaap:TreasuryStockMember 2022-10-29 0000794367 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-10-29 0000794367 us-gaap:CommonStockMember 2021-01-30 0000794367 us-gaap:AdditionalPaidInCapitalMember 2021-01-30 0000794367 us-gaap:RetainedEarningsMember 2021-01-30 0000794367 us-gaap:TreasuryStockMember 2021-01-30 0000794367 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-30 0000794367 2021-01-30 0000794367 us-gaap:CommonStockMember 2021-01-31 2021-05-01 0000794367 us-gaap:AdditionalPaidInCapitalMember 2021-01-31 2021-05-01 0000794367 us-gaap:RetainedEarningsMember 2021-01-31 2021-05-01 0000794367 us-gaap:TreasuryStockMember 2021-01-31 2021-05-01 0000794367 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-31 2021-05-01 0000794367 2021-01-31 2021-05-01 0000794367 us-gaap:CommonStockMember 2021-05-01 0000794367 us-gaap:AdditionalPaidInCapitalMember 2021-05-01 0000794367 us-gaap:RetainedEarningsMember 2021-05-01 0000794367 us-gaap:TreasuryStockMember 2021-05-01 0000794367 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-05-01 0000794367 2021-05-01 0000794367 us-gaap:CommonStockMember 2021-05-02 2021-07-31 0000794367 us-gaap:AdditionalPaidInCapitalMember 2021-05-02 2021-07-31 0000794367 us-gaap:RetainedEarningsMember 2021-05-02 2021-07-31 0000794367 us-gaap:TreasuryStockMember 2021-05-02 2021-07-31 0000794367 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-05-02 2021-07-31 0000794367 2021-05-02 2021-07-31 0000794367 us-gaap:CommonStockMember 2021-07-31 0000794367 us-gaap:AdditionalPaidInCapitalMember 2021-07-31 0000794367 us-gaap:RetainedEarningsMember 2021-07-31 0000794367 us-gaap:TreasuryStockMember 2021-07-31 0000794367 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-31 0000794367 2021-07-31 0000794367 us-gaap:CommonStockMember 2021-08-01 2021-10-30 0000794367 us-gaap:AdditionalPaidInCapitalMember 2021-08-01 2021-10-30 0000794367 us-gaap:RetainedEarningsMember 2021-08-01 2021-10-30 0000794367 us-gaap:TreasuryStockMember 2021-08-01 2021-10-30 0000794367 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-08-01 2021-10-30 0000794367 us-gaap:CommonStockMember 2021-10-30 0000794367 us-gaap:AdditionalPaidInCapitalMember 2021-10-30 0000794367 us-gaap:RetainedEarningsMember 2021-10-30 0000794367 us-gaap:TreasuryStockMember 2021-10-30 0000794367 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-10-30 m:State 0000794367 us-gaap:EmployeeStockOptionMember 2022-01-30 2022-10-29 0000794367 us-gaap:RestrictedStockUnitsRSUMember 2022-01-30 2022-10-29 0000794367 us-gaap:EmployeeStockOptionMember 2021-01-31 2021-10-30 0000794367 us-gaap:RestrictedStockUnitsRSUMember 2021-01-31 2021-10-30 xbrli:pure 0000794367 m:WomensAccessoriesIntimateApparelShoesCosmeticsAndFragrancesMember 2022-07-31 2022-10-29 0000794367 m:WomensAccessoriesIntimateApparelShoesCosmeticsAndFragrancesMember 2021-08-01 2021-10-30 0000794367 m:WomensAccessoriesIntimateApparelShoesCosmeticsAndFragrancesMember 2022-01-30 2022-10-29 0000794367 m:WomensAccessoriesIntimateApparelShoesCosmeticsAndFragrancesMember 2021-01-31 2021-10-30 0000794367 m:WomensApparelMember 2022-07-31 2022-10-29 0000794367 m:WomensApparelMember 2021-08-01 2021-10-30 0000794367 m:WomensApparelMember 2022-01-30 2022-10-29 0000794367 m:WomensApparelMember 2021-01-31 2021-10-30 0000794367 m:MensAndKidsMember 2022-07-31 2022-10-29 0000794367 m:MensAndKidsMember 2021-08-01 2021-10-30 0000794367 m:MensAndKidsMember 2022-01-30 2022-10-29 0000794367 m:MensAndKidsMember 2021-01-31 2021-10-30 0000794367 m:HomeOtherMember 2022-07-31 2022-10-29 0000794367 m:HomeOtherMember 2021-08-01 2021-10-30 0000794367 m:HomeOtherMember 2022-01-30 2022-10-29 0000794367 m:HomeOtherMember 2021-01-31 2021-10-30 0000794367 us-gaap:CreditCardIntermediaryReceivablesMember 2022-01-30 2022-10-29 0000794367 us-gaap:RevolvingCreditFacilityMember 2022-01-30 2022-10-29 0000794367 us-gaap:RevolvingCreditFacilityMember 2021-01-31 2021-10-30 0000794367 m:A2875SeniorNotesDue2023Member 2022-01-30 2022-10-29 0000794367 m:A2875SeniorNotesDue2023Member 2021-01-31 2021-10-30 0000794367 m:ThreePointSixTwoFivePercentSeniorNotesDueTwoThousandTwentyFourMember 2022-01-30 2022-10-29 0000794367 m:ThreePointSixTwoFivePercentSeniorNotesDueTwoThousandTwentyFourMember 2021-01-31 2021-10-30 0000794367 m:A4.375Seniornotesdue2023Member 2022-01-30 2022-10-29 0000794367 m:A4.375Seniornotesdue2023Member 2021-01-31 2021-10-30 0000794367 m:A6.65seniordebenturesdue2024Member 2022-01-30 2022-10-29 0000794367 m:A6.65seniordebenturesdue2024Member 2021-01-31 2021-10-30 0000794367 m:SixPointNinePercentSeniorDebenturesDueTwoThousandThirtyTwoMember 2022-01-30 2022-10-29 0000794367 m:SixPointNinePercentSeniorDebenturesDueTwoThousandThirtyTwoMember 2021-01-31 2021-10-30 0000794367 m:SixPointSevenPercentSeniorDebenturesDueTwoThousandThirtyFourMember 2022-01-30 2022-10-29 0000794367 m:SixPointSevenPercentSeniorDebenturesDueTwoThousandThirtyFourMember 2021-01-31 2021-10-30 0000794367 m:SixPointSevenPercentSeniorDebenturesDueTwoThousandTwentyEightMember 2022-01-30 2022-10-29 0000794367 m:SixPointSevenPercentSeniorDebenturesDueTwoThousandTwentyEightMember 2021-01-31 2021-10-30 0000794367 m:EightPointThreeSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember 2022-01-30 2022-10-29 0000794367 m:EightPointThreeSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember 2021-01-31 2021-10-30 0000794367 m:ThreePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember 2022-01-30 2022-10-29 0000794367 m:ThreePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember 2021-01-31 2021-10-30 0000794367 m:SevenPointSixPercentageSeniorDebenturesDueTwoThousandTwentyFiveMember 2022-01-30 2022-10-29 0000794367 m:SevenPointSixPercentageSeniorDebenturesDueTwoThousandTwentyFiveMember 2021-01-31 2021-10-30 0000794367 m:A9.5Amortizingdebenturesdue2021Member 2022-01-30 2022-10-29 0000794367 m:A9.5Amortizingdebenturesdue2021Member 2021-01-31 2021-10-30 0000794367 m:NinePointSevenFivePercentAmortizingDebenturesDueTwoThousandTwentyOneMember 2022-01-30 2022-10-29 0000794367 m:NinePointSevenFivePercentAmortizingDebenturesDueTwoThousandTwentyOneMember 2021-01-31 2021-10-30 0000794367 m:A2875SeniorNotesDue2023Member 2022-10-29 0000794367 m:A2875SeniorNotesDue2023Member 2021-10-30 0000794367 m:ThreePointSixTwoFivePercentSeniorNotesDueTwoThousandTwentyFourMember 2022-10-29 0000794367 m:ThreePointSixTwoFivePercentSeniorNotesDueTwoThousandTwentyFourMember 2021-10-30 0000794367 m:A4.375Seniornotesdue2023Member 2022-10-29 0000794367 m:A4.375Seniornotesdue2023Member 2021-10-30 0000794367 m:A6.65seniordebenturesdue2024Member 2022-10-29 0000794367 m:A6.65seniordebenturesdue2024Member 2021-10-30 0000794367 m:SixPointNinePercentSeniorDebenturesDueTwoThousandThirtyTwoMember 2022-10-29 0000794367 m:SixPointNinePercentSeniorDebenturesDueTwoThousandThirtyTwoMember 2021-10-30 0000794367 m:SixPointSevenPercentSeniorDebenturesDueTwoThousandThirtyFourMember 2022-10-29 0000794367 m:SixPointSevenPercentSeniorDebenturesDueTwoThousandThirtyFourMember 2021-10-30 0000794367 m:SixPointSevenPercentSeniorDebenturesDueTwoThousandTwentyEightMember 2022-10-29 0000794367 m:SixPointSevenPercentSeniorDebenturesDueTwoThousandTwentyEightMember 2021-10-30 0000794367 m:EightPointThreeSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember 2022-10-29 0000794367 m:EightPointThreeSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember 2021-10-30 0000794367 m:ThreePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember 2022-10-29 0000794367 m:ThreePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember 2021-10-30 0000794367 m:SevenPointSixPercentageSeniorDebenturesDueTwoThousandTwentyFiveMember 2022-10-29 0000794367 m:SevenPointSixPercentageSeniorDebenturesDueTwoThousandTwentyFiveMember 2021-10-30 0000794367 m:A9.5Amortizingdebenturesdue2021Member 2022-10-29 0000794367 m:A9.5Amortizingdebenturesdue2021Member 2021-10-30 0000794367 m:NinePointSevenFivePercentAmortizingDebenturesDueTwoThousandTwentyOneMember 2022-10-29 0000794367 m:NinePointSevenFivePercentAmortizingDebenturesDueTwoThousandTwentyOneMember 2021-10-30 0000794367 us-gaap:RevolvingCreditFacilityMember m:ABLBorrowerMember m:RevolvingABLFacilityMember 2022-10-29 0000794367 us-gaap:RevolvingCreditFacilityMember m:ABLBorrowerMember m:RevolvingABLFacilityMember 2021-10-30 0000794367 us-gaap:QualifiedPlanMember us-gaap:PostemploymentRetirementBenefitsMember 2022-07-31 2022-10-29 0000794367 us-gaap:QualifiedPlanMember us-gaap:PostemploymentRetirementBenefitsMember 2021-08-01 2021-10-30 0000794367 us-gaap:QualifiedPlanMember us-gaap:PostemploymentRetirementBenefitsMember 2022-01-30 2022-10-29 0000794367 us-gaap:QualifiedPlanMember us-gaap:PostemploymentRetirementBenefitsMember 2021-01-31 2021-10-30 0000794367 us-gaap:PensionPlansDefinedBenefitMember 2022-07-31 2022-10-29 0000794367 us-gaap:PensionPlansDefinedBenefitMember 2021-08-01 2021-10-30 0000794367 us-gaap:PensionPlansDefinedBenefitMember 2022-01-30 2022-10-29 0000794367 us-gaap:PensionPlansDefinedBenefitMember 2021-01-31 2021-10-30 0000794367 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2022-07-31 2022-10-29 0000794367 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2021-08-01 2021-10-30 0000794367 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2022-01-30 2022-10-29 0000794367 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2021-01-31 2021-10-30 0000794367 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2022-07-31 2022-10-29 0000794367 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2021-08-01 2021-10-30 0000794367 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2022-01-30 2022-10-29 0000794367 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2021-01-31 2021-10-30 0000794367 2021-01-31 2021-07-31 0000794367 us-gaap:FairValueInputsLevel1Member 2022-10-29 0000794367 us-gaap:FairValueInputsLevel2Member 2022-10-29 0000794367 us-gaap:FairValueInputsLevel3Member 2022-10-29 0000794367 us-gaap:FairValueInputsLevel1Member 2021-10-30 0000794367 us-gaap:FairValueInputsLevel2Member 2021-10-30 0000794367 us-gaap:FairValueInputsLevel3Member 2021-10-30 0000794367 us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember 2022-10-29 0000794367 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-10-29 0000794367 us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember 2021-10-30 0000794367 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2021-10-30

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended October 29, 2022

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from          to

 

Commission file number: 1-13536

 

 

Macy's, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

13-3324058

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

151 West 34th Street, New York, New York 10001

(Address of Principal Executive Offices, including Zip Code)

(212) 494-1621

(Registrant's telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $.01 par value per share

 

M

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

 

  

Accelerated Filer

 

 

 

 

 

Non-Accelerated Filer

 

  

Smaller Reporting Company

 

 

 

 

 

 

 

 

Emerging Growth Company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class

 

Outstanding at November 26, 2022

Common Stock, $.01 par value per share

 

271,111,978 shares

 

 

 

 


 

 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

MACY’S, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

(millions, except per share figures)

 

 

 

13 Weeks Ended

 

 

39 Weeks Ended

 

 

 

October 29, 2022

 

 

October 30, 2021

 

 

October 29, 2022

 

 

October 30, 2021

 

Net sales

 

$

5,230

 

 

$

5,440

 

 

$

16,178

 

 

$

15,794

 

Credit card revenues, net

 

 

206

 

 

 

213

 

 

 

601

 

 

 

568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

(3,204

)

 

 

(3,207

)

 

 

(9,856

)

 

 

(9,449

)

Selling, general and administrative expenses

 

 

(2,057

)

 

 

(1,973

)

 

 

(5,918

)

 

 

(5,618

)

Gains on sale of real estate

 

 

32

 

 

 

50

 

 

 

74

 

 

 

61

 

Impairment, restructuring and other costs

 

 

(15

)

 

 

 

 

 

(25

)

 

 

(21

)

Operating income

 

 

192

 

 

 

523

 

 

 

1,054

 

 

 

1,335

 

Benefit plan income, net

 

 

7

 

 

 

17

 

 

 

21

 

 

 

49

 

Settlement charges

 

 

(32

)

 

 

(8

)

 

 

(32

)

 

 

(90

)

Interest expense

 

 

(43

)

 

 

(53

)

 

 

(134

)

 

 

(212

)

Losses on early retirement of debt

 

 

 

 

 

(185

)

 

 

(31

)

 

 

(199

)

Interest income

 

 

1

 

 

 

 

 

 

3

 

 

 

1

 

Income before income taxes

 

 

125

 

 

 

294

 

 

 

881

 

 

 

884

 

Federal, state and local income tax expense

 

 

(17

)

 

 

(55

)

 

 

(213

)

 

 

(197

)

Net income

 

$

108

 

 

$

239

 

 

$

668

 

 

$

687

 

Basic earnings per share

 

$

0.40

 

 

$

0.78

 

 

$

2.43

 

 

$

2.21

 

Diluted earnings per share

 

$

0.39

 

 

$

0.76

 

 

$

2.37

 

 

$

2.17

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

2


 

MACY’S, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

(millions)

 

 

 

13 Weeks Ended

 

 

39 Weeks Ended

 

 

 

October 29, 2022

 

 

October 30, 2021

 

 

October 29, 2022

 

 

October 30, 2021

 

Net income

 

$

108

 

 

$

239

 

 

$

668

 

 

$

687

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gain (loss) on post employment and

   postretirement benefit plans, before tax

 

 

(161

)

 

 

(9

)

 

 

(161

)

 

 

53

 

Reclassifications to net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of net actuarial loss and prior service

   credit on post employment and postretirement

   benefit plans included in net income, before tax

 

 

5

 

 

 

7

 

 

 

15

 

 

 

27

 

Settlement charges, before tax

 

 

32

 

 

 

8

 

 

 

32

 

 

 

90

 

Tax effect related to items of other comprehensive

   income

 

 

32

 

 

 

(2

)

 

 

30

 

 

 

(43

)

Total other comprehensive income (loss), net of tax effect

 

 

(92

)

 

 

4

 

 

 

(84

)

 

 

127

 

Comprehensive income

 

$

16

 

 

$

243

 

 

$

584

 

 

$

814

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

3


 

MACY’S, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(millions)

 

 

 

October 29, 2022

 

 

January 29, 2022

 

 

October 30, 2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

326

 

 

$

1,712

 

 

$

316

 

Receivables

 

 

204

 

 

 

297

 

 

 

212

 

Merchandise inventories

 

 

6,403

 

 

 

4,383

 

 

 

6,141

 

Prepaid expenses and other current assets

 

 

415

 

 

 

366

 

 

 

922

 

Total Current Assets

 

 

7,348

 

 

 

6,758

 

 

 

7,591

 

Property and Equipment - net of accumulated depreciation and

   amortization of $4,957, $4,548 and $4,826

 

 

5,831

 

 

 

5,665

 

 

 

5,600

 

Right of Use Assets

 

 

2,699

 

 

 

2,808

 

 

 

2,808

 

Goodwill

 

 

828

 

 

 

828

 

 

 

828

 

Other Intangible Assets – net

 

 

433

 

 

 

435

 

 

 

435

 

Other Assets

 

 

1,091

 

 

 

1,096

 

 

 

1,017

 

Total Assets

 

$

18,230

 

 

$

17,590

 

 

$

18,279

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Short-term debt

 

$

183

 

 

$

 

 

$

140

 

Merchandise accounts payable

 

 

3,861

 

 

 

2,222

 

 

 

3,796

 

Accounts payable and accrued liabilities

 

 

2,678

 

 

 

3,086

 

 

 

2,735

 

Income taxes

 

 

21

 

 

 

108

 

 

 

 

Total Current Liabilities

 

 

6,743

 

 

 

5,416

 

 

 

6,671

 

Long-Term Debt

 

 

2,996

 

 

 

3,295

 

 

 

3,295

 

Long-Term Lease Liabilities

 

 

2,988

 

 

 

3,098

 

 

 

3,090

 

Deferred Income Taxes

 

 

884

 

 

 

983

 

 

 

970

 

Other Liabilities

 

 

1,144

 

 

 

1,177

 

 

 

1,245

 

Shareholders' Equity

 

 

3,475

 

 

 

3,621

 

 

 

3,008

 

Total Liabilities and Shareholders’ Equity

 

$

18,230

 

 

$

17,590

 

 

$

18,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

4


 

MACY’S, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(Unaudited)

 

(millions)

 

 

Common

Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Equity

 

 

Treasury

Stock

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Total

Shareholders'

Equity

 

Balance at January 29, 2022

$

3

 

 

$

517

 

 

$

5,268

 

 

$

(1,545

)

 

$

(622

)

 

$

3,621

 

Net income

 

 

 

 

 

 

 

 

 

286

 

 

 

 

 

 

 

 

 

 

 

286

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

4

 

Common stock dividends

   ($0.1575 per share)

 

 

 

 

 

 

 

 

 

(45

)

 

 

 

 

 

 

 

 

 

 

(45

)

Stock repurchases

 

 

 

 

 

 

 

 

 

 

 

 

 

(600

)

 

 

 

 

 

 

(600

)

Stock-based compensation expense

 

 

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13

 

Stock issued under stock plans

 

 

 

 

 

(54

)

 

 

 

 

 

 

53

 

 

 

 

 

 

 

(1

)

Balance at April 30, 2022

 

3

 

 

 

476

 

 

 

5,509

 

 

 

(2,092

)

 

 

(618

)

 

 

3,278

 

Net income

 

 

 

 

 

 

 

 

 

275

 

 

 

 

 

 

 

 

 

 

 

275

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

3

 

Common stock dividends

   ($0.1575 per share)

 

 

 

 

 

 

 

 

 

(42

)

 

 

 

 

 

 

 

 

 

 

(42

)

Stock-based compensation expense

 

 

 

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17

 

Stock issued under stock plans

 

 

 

 

 

(43

)

 

 

 

 

 

 

43

 

 

 

 

 

 

 

 

Balance at July 30, 2022

$

3

 

 

$

450

 

 

$

5,742

 

 

$

(2,049

)

 

$

(615

)

 

$

3,531

 

Net income

 

 

 

 

 

 

 

 

 

108

 

 

 

 

 

 

 

 

 

 

 

108

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(92

)

 

 

(92

)

Common stock dividends

   ($0.315 per share)

 

 

 

 

 

 

 

 

 

(86

)

 

 

 

 

 

 

 

 

 

 

(86

)

Stock-based compensation expense

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

Stock issued under stock plans

 

 

 

 

 

(1

)

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

Balance at October 29, 2022

$

3

 

 

$

463

 

 

$

5,764

 

 

$

(2,048

)

 

$

(707

)

 

$

3,475

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

 

5


 

 

MACY’S, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - (Continued)

(Unaudited)

 

(millions)

 

 

Common

Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Equity

 

 

Treasury

Stock

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Total

Shareholders'

Equity

 

Balance at January 30, 2021

$

3

 

 

$

571

 

 

$

3,928

 

 

$

(1,161

)

 

$

(788

)

 

$

2,553

 

Net income

 

 

 

 

 

 

 

 

 

103

 

 

 

 

 

 

 

 

 

 

 

103

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

8

 

Stock-based compensation expense

 

 

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Stock issued under stock plans

 

 

 

 

 

(24

)

 

 

 

 

 

 

24

 

 

 

 

 

 

 

 

Balance at May 1, 2021

 

3

 

 

 

558

 

 

 

4,031

 

 

 

(1,137

)

 

 

(780

)

 

 

2,675

 

Net income

 

 

 

 

 

 

 

 

 

345

 

 

 

 

 

 

 

 

 

 

 

345

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

115

 

 

 

115

 

Stock-based compensation expense

 

 

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Stock issued under stock plans

 

 

 

 

 

(71

)

 

 

 

 

 

 

71

 

 

 

 

 

 

 

 

Balance at July 31, 2021

$

3

 

 

$

498

 

 

$

4,376

 

 

$

(1,066

)

 

$

(665

)

 

$

3,146

 

Net income

 

 

 

 

 

 

 

 

 

239

 

 

 

 

 

 

 

 

 

 

 

239

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

4

 

Common stock dividends

   ($0.30 per share)

 

 

 

 

 

 

 

 

 

(92

)

 

 

 

 

 

 

 

 

 

 

(92

)

Stock repurchases

 

 

 

 

 

 

 

 

 

 

 

 

 

(300

)

 

 

 

 

 

 

(300

)

Stock-based compensation expense

 

 

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Stock issued under stock plans

 

 

 

 

 

(2

)

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

Balance at October 30, 2021

$

3

 

 

$

507

 

 

$

4,523

 

 

$

(1,364

)

 

$

(661

)

 

$

3,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

6


 

MACY’S, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

(millions)

 

 

 

39 Weeks Ended

 

 

 

October 29, 2022

 

 

October 30, 2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

668

 

 

$

687

 

Adjustments to reconcile net income to net cash provided by

   operating activities:

 

 

 

 

 

 

 

 

Impairment, restructuring and other costs

 

 

25

 

 

 

21

 

Settlement charges

 

 

32

 

 

 

90

 

Depreciation and amortization

 

 

638