10-Q 1 m-10q_20211030.htm 10-Q m-10q_20211030.htm
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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 30, 2021

 

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 (Section 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 27, 2021

Common Stock, $.01 par value per share

 

299,269,416 shares

 

 

 


 

 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

MACY’S, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

(millions, except per share figures)

 

 

 

13 Weeks Ended

 

 

39 Weeks Ended

 

 

 

October 30, 2021

 

 

October 31, 2020

 

 

October 30, 2021

 

 

October 31, 2020

 

Net sales

 

$

5,440

 

 

$

3,990

 

 

$

15,794

 

 

$

10,566

 

Credit card revenues, net

 

 

213

 

 

 

195

 

 

 

568

 

 

 

494

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

(3,207

)

 

 

(2,569

)

 

 

(9,449

)

 

 

(7,788

)

Selling, general and administrative expenses

 

 

(1,973

)

 

 

(1,726

)

 

 

(5,618

)

 

 

(4,723

)

Gains on sale of real estate

 

 

50

 

 

 

3

 

 

 

61

 

 

 

20

 

Impairment, restructuring and other costs

 

 

 

 

 

(20

)

 

 

(21

)

 

 

(3,445

)

Operating income (loss)

 

 

523

 

 

 

(127

)

 

 

1,335

 

 

 

(4,876

)

Benefit plan income, net

 

 

17

 

 

 

16

 

 

 

49

 

 

 

37

 

Settlement charges

 

 

(8

)

 

 

(26

)

 

 

(90

)

 

 

(65

)

Interest expense

 

 

(53

)

 

 

(80

)

 

 

(212

)

 

 

(199

)

Losses on early retirement of debt

 

 

(185

)

 

 

 

 

 

(199

)

 

 

 

Financing costs

 

 

 

 

 

 

 

 

 

 

 

(4

)

Interest income

 

 

 

 

 

 

 

 

1

 

 

 

3

 

Income (loss) before income taxes

 

 

294

 

 

 

(217

)

 

 

884

 

 

 

(5,104

)

Federal, state and local income tax benefit (expense)

 

 

(55

)

 

 

126

 

 

 

(197

)

 

 

1,000

 

Net income (loss)

 

$

239

 

 

$

(91

)

 

$

687

 

 

$

(4,104

)

Basic earnings (loss) per share

 

$

0.78

 

 

$

(0.29

)

 

$

2.21

 

 

$

(13.20

)

Diluted earnings (loss) per share

 

$

0.76

 

 

$

(0.29

)

 

$

2.17

 

 

$

(13.20

)

 

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

2


 

MACY’S, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

(millions)

 

 

 

13 Weeks Ended

 

 

39 Weeks Ended

 

 

 

October 30, 2021

 

 

October 31, 2020

 

 

October 30, 2021

 

 

October 31, 2020

 

Net income (loss)

 

$

239

 

 

$

(91

)

 

$

687

 

 

$

(4,104

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gain (loss) on post employment and postretirement

   benefit plans, before tax

 

 

(9

)

 

 

(36

)

 

 

53

 

 

 

(17

)

Reclassifications to net income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of net actuarial loss and prior service credit on

   post employment and postretirement benefit plans included in

   net income (loss), before tax

 

 

7

 

 

 

13

 

 

 

27

 

 

 

36

 

Settlement charges, before tax

 

 

8

 

 

 

26

 

 

 

90

 

 

 

65

 

Tax effect related to items of other comprehensive income

 

 

(2

)

 

 

(1

)

 

 

(43

)

 

 

(21

)

Total other comprehensive income, net of tax effect

 

 

4

 

 

 

2

 

 

 

127

 

 

 

63

 

Comprehensive income (loss)

 

$

243

 

 

$

(89

)

 

$

814

 

 

$

(4,041

)

 

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

3


 

MACY’S, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(millions)

 

 

 

October 30, 2021

 

 

January 30, 2021

 

 

October 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

316

 

 

$

1,679

 

 

$

1,551

 

Receivables

 

 

212

 

 

 

276

 

 

 

185

 

Merchandise inventories

 

 

6,141

 

 

 

3,774

 

 

 

5,144

 

Prepaid expenses and other current assets

 

 

922

 

 

 

455

 

 

 

477

 

Total Current Assets

 

 

7,591

 

 

 

6,184

 

 

 

7,357

 

Property and Equipment - net of accumulated depreciation and

   amortization of $4,826, $4,400 and $4,816

 

 

5,600

 

 

 

5,940

 

 

 

6,122

 

Right of Use Assets

 

 

2,808

 

 

 

2,878

 

 

 

3,028

 

Goodwill

 

 

828

 

 

 

828

 

 

 

828

 

Other Intangible Assets – net

 

 

435

 

 

 

437

 

 

 

437

 

Other Assets

 

 

1,017

 

 

 

1,439

 

 

 

1,442

 

Total Assets

 

$

18,279

 

 

$

17,706

 

 

$

19,214

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Short-term debt

 

$

140

 

 

$

452

 

 

$

536

 

Merchandise accounts payable

 

 

3,796

 

 

 

1,978

 

 

 

3,267

 

Accounts payable and accrued liabilities

 

 

2,735

 

 

 

2,927

 

 

 

2,848

 

Total Current Liabilities

 

 

6,671

 

 

 

5,357

 

 

 

6,651

 

Long-Term Debt

 

 

3,295

 

 

 

4,407

 

 

 

4,852

 

Long-Term Lease Liabilities

 

 

3,090

 

 

 

3,185

 

 

 

3,266

 

Deferred Income Taxes

 

 

970

 

 

 

908

 

 

 

917

 

Other Liabilities

 

 

1,245

 

 

 

1,296

 

 

 

1,285

 

Shareholders' Equity

 

 

3,008

 

 

 

2,553

 

 

 

2,243

 

Total Liabilities and Shareholders’ Equity

 

$

18,279

 

 

$

17,706

 

 

$

19,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 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.

 

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 February 1, 2020

$

3

 

 

$

621

 

 

$

7,989

 

 

$

(1,241

)

 

$

(995

)

 

$

6,377

 

Net loss

 

 

 

 

 

 

 

 

 

(3,581

)

 

 

 

 

 

 

 

 

 

 

(3,581

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

9

 

Common stock dividends

   ($0.3775 per share)

 

 

 

 

 

 

 

 

 

(117

)

 

 

 

 

 

 

 

 

 

 

(117

)

Stock-based compensation expense

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

Stock issued under stock plans

 

 

 

 

 

(62

)

 

 

 

 

 

 

61

 

 

 

 

 

 

 

(1

)

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

4

 

Balance at May 2, 2020

 

3

 

 

 

565

 

 

 

4,291

 

 

 

(1,180

)

 

 

(982

)

 

 

2,697

 

Net loss

 

 

 

 

 

 

 

 

 

(431

)

 

 

 

 

 

 

 

 

 

 

(431

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51

 

 

 

51

 

Stock-based compensation expense

 

 

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

 

Stock issued under stock plans

 

 

 

 

 

(4

)

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

Balance at August 1, 2020

 

3

 

 

 

568

 

 

 

3,860

 

 

 

(1,176

)

 

 

(931

)

 

 

2,324

 

Net loss

 

 

 

 

 

 

 

 

 

(91

)

 

 

 

 

 

 

 

 

 

 

(91

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

2

 

Stock-based compensation expense

 

 

 

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

Stock issued under stock plans

 

 

 

 

 

(1

)

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

Balance at October 31, 2020

$

3

 

 

$

575

 

 

$

3,769

 

 

$

(1,175

)

 

$

(929

)

 

$

2,243

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 30, 2021

 

 

October 31, 2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

687

 

 

$

(4,104

)

Adjustments to reconcile net income (loss) to net cash provided by

   operating activities:

 

 

 

 

 

 

 

 

Impairment, restructuring and other costs

 

 

21

 

 

 

3,445

 

Settlement charges

 

 

90

 

 

 

65

 

Depreciation and amortization

 

 

668

 

 

 

722

 

Stock-based compensation expense

 

 

32

 

 

 

21

 

Gains on sale of real estate

 

 

(61

)

 

 

(20

)

Benefit plans

 

 

27

 

 

 

36

 

Amortization of financing costs and premium on acquired debt

 

 

66

 

 

 

11

 

Deferred income taxes

 

 

19

 

 

 

(270

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Decrease in receivables

 

 

64

 

 

 

223

 

(Increase) decrease in merchandise inventories

 

 

(2,367

)

 

 

34

 

(Increase) decrease in prepaid expenses and other current assets

 

 

(44

)

 

 

29