Macy’s, Inc. (NYSE:M) today reported second quarter 2017
earnings per diluted share of 38 cents, or 48 cents per
share excluding non-cash retirement plan settlement charges and net
premiums and fees associated with debt repurchases. This compares
with 3 cents per share in the second quarter of 2016, or 54 cents
excluding asset impairment and other charges primarily related to
store closings and non-cash settlement charges.
The company also reaffirmed its sales and earnings guidance for
full-year 2017.
“Macy’s, Inc.’s results for the second quarter were in line with
our expectations, and we are on track to meet 2017 sales and
earnings guidance. We saw a notable contribution from the full
execution of our new women’s shoe and jewelry models and the
continued successful testing of Backstage in store. We are excited
about plans for fall, including the launch of a new loyalty program
and the new marketing strategy, which we anticipate will further
improve our sales trend in the back half of the year,” said Jeff
Gennette, Macy’s president and chief executive officer. “We are
working with a mindset of continuous improvement and will adapt our
business in order to reach our goal of stabilizing the
brick-and-mortar business while investing for accelerated growth in
digital and mobile. Key to this strategy is engaging our
customers with an improved experience that includes more elevated
and exclusive assortments, a better integration of technology both
online and in the store, and additional enhancements intended to
drive traffic and sales. There is still work ahead of us,
however, I’m encouraged by the progress we’re making on overall
performance.”
Macy's, Inc.'s earnings per diluted share in the first half of
2017 were 61 cents, or 71 cents excluding non-cash settlement
charges and net premiums and fees associated with debt repurchases,
compared with 41 cents per share, or 94 cents excluding asset
impairment and other charges primarily related to store closings
and non-cash settlement charges, in the first half of 2016.
Sales
Sales in the second quarter of 2017 totaled $5.552 billion,
a decrease of 5.4 percent, compared with sales of $5.866
billion in the second quarter of 2016. The year-over-year
decline in total sales reflects, in part, the closure of stores
previously announced by the company. Comparable sales on an owned
basis were down 2.8 percent in the second quarter and down 2.5
percent on an owned plus licensed basis.
Year to date, Macy’s, Inc.’s sales totaled $10.890 billion, down
6.4 percent from total sales of $11.637 billion in the first half
of 2016. Comparable sales on an owned basis were down 4.0 percent
in the first half of 2017 and down 3.6 percent on an owned plus
licensed basis.
Operating Income
Macy’s, Inc.’s operating income totaled $254
million or 4.6 percent of sales for the second quarter of 2017
compared to $117 million, or 2.0 percent of sales for the
second quarter of 2016. Excluding non-cash settlement charges of
$51 million, operating income for the second quarter of 2017
totaled $305 million or 5.5 percent of sales. Excluding asset
impairment and other charges primarily related to store closings of
$249 million and non-cash settlement charges of $6 million,
operating income for the second quarter of 2016 totaled $372
million or 6.4 percent of sales.
For the first half of 2017, Macy’s, Inc.’s operating income
totaled $474 million or 4.4 percent of sales compared to $393
million or 3.4 percent of sales for the first half of 2016.
Excluding non-cash settlement charges of $51 million, operating
income for the first half of 2017 totaled $525 million or 4.8
percent of sales. Excluding asset impairment and other charges of
$249 million and non-cash settlement charges of $19 million,
operating income for the first half of 2016 totaled $661 million or
5.7 percent of sales.
Operating income for the second quarter included $43 million in
book gains related to the sales of real estate compared to $21
million in the second quarter of 2016. For the first half of 2017,
operating income included $111 million in book gains related to the
sales of real estate compared to $35 million in the first half of
2016.
Cash Flow
Net cash provided by operating activities was $536 million in
the first half of 2017, compared with $560 million in the first
half of 2016. Net cash used by investing activities in the first
half of 2017 was $213 million, compared with $338 million in the
first half of 2016. Operating cash flows net of investing were $323
million in the first half of 2017, compared with $222 million in
the first half of 2016.
The company repurchased approximately $101 million face value of
senior notes and debentures in the second quarter of 2017. The debt
repurchases were made in the open market for a total cost of
approximately $108 million, including expenses related to the
transactions. For the first half of 2017, the company repurchased
approximately $247 million face value of senior notes and
debentures at a total cost of approximately $257 million.
During the quarter, the company repaid at maturity $300 million
of 7.45 percent senior debentures, due July 2017.
Store Openings/Closings
In the second quarter, the company opened 16 new freestanding
Bluemercury beauty specialty stores and 12 new Macy’s Backstage
off-price stores within existing Macy’s stores. As previously
announced, the company closed two Macy’s stores in Temple, TX, and
Dublin, OH, in the quarter. Subsequent to the end of the second
quarter, the company announced that it will close the Macy’s store
at Magic Valley Mall in Twin Falls, ID, in early 2018.
Looking Ahead
Macy’s, Inc. reaffirms its previously provided guidance for
full-year 2017. The company expects comparable sales on an owned
basis to decline between 2.2 percent and 3.3 percent, with
comparable sales on an owned plus licensed basis to decline between
2.0 percent and 3.0 percent. Total sales are expected to be down
between 3.2 percent and 4.3 percent in fiscal 2017. Total sales for
fiscal 2017 reflect a 53rd week, whereas comparable sales are on a
52-week basis. Adjusted earnings per diluted share of
between $3.37 and $3.62 are expected in 2017, excluding
the impact of the anticipated settlement charges and net premiums
and fees associated with debt repurchases. Excluding the impact of
the anticipated fourth quarter gain on the sale of the Union Square
Men’s building in San Francisco and the anticipated
settlement charges and net premiums and fees associated with debt
repurchases, adjusted earnings per diluted share of $2.90
to $3.15 are expected in 2017.
Important Information Regarding Financial Measures
Please see the final pages of this news release for important
information regarding the calculation of the company’s non-GAAP
financial measures.
Macy’s, Inc. is one of the nation’s premier retailers. With
fiscal 2016 sales of $25.778 billion and approximately 140,000
employees, the company operates more than 700 department stores
under the nameplates Macy’s and Bloomingdale’s, and approximately
150 specialty stores that include Bloomingdale’s The Outlet,
Bluemercury and Macy’s Backstage. Macy’s, Inc. operates stores in
45 states, the District of Columbia, Guam and Puerto Rico, as well
as macys.com, bloomingdales.com and bluemercury.com. Bloomingdale’s
stores in Dubai and Kuwait are operated by Al Tayer Group LLC under
license agreements. Macy’s, Inc. has corporate offices in
Cincinnati, Ohio, and New York, New York.
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such
statements are based upon the current beliefs and expectations of
Macy’s management and are subject to significant risks and
uncertainties. Actual results could differ materially from those
expressed in or implied by the forward-looking statements contained
in this release because of a variety of factors, including
conditions to, or changes in the timing of, proposed real estate
and other transactions, prevailing interest rates and non-recurring
charges, store closings, competitive pressures from specialty
stores, general merchandise stores, off-price and discount stores,
manufacturers’ outlets, the Internet, mail-order catalogs and
television shopping and general consumer spending levels, including
the impact of the availability and level of consumer debt, the
effect of weather and other factors identified in documents filed
by the company with the Securities and Exchange Commission. Macy’s
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
NOTE: Additional information on Macy’s, Inc., including past
news releases, is available
at www.macysinc.com/pressroom. A webcast of Macy's,
Inc.’s call with analysts and investors will be held today (August
10) at 10 a.m. ET. The webcast is accessible to the media and
general public via the company's website at www.macysinc.com.
Analysts and investors may call in on 1-888-394-8218, passcode
2124355. A replay of the conference call can be accessed on the
website or by calling 1-888-203-1112 (same passcode) about two
hours after the conclusion of the call.
Macy's, Inc. is scheduled to present at the Goldman Sachs Annual
Global Retailing Conference at 8:05 a.m. ET on Wednesday, September
6, in New York City. Media and investors may access a live audio
webcast of the presentation at www.macysinc.com/ir on September 6.
A replay of the webcast will be available on the company’s
website.
MACY’S, INC.
Consolidated
Statements of Income (Unaudited) (Note 1)
(All amounts in millions except
percentages and per share figures)
13 Weeks Ended 13 Weeks Ended
July 29, 2017
July 30, 2016
$
% toNet sales
$
% toNet sales
Net sales $ 5,552 $ 5,866 Cost of sales (Note 2)
3,313 59.7 %
3,468 59.1 %
Gross margin 2,239 40.3 % 2,398 40.9 % Selling,
general and administrative expenses (1,934 ) (34.8 %) (2,026 )
(34.5 %) Impairments and other costs (Note 3) - - % (249 )
(4.3 %) Settlement charges (Note 4)
(51
)
(0.9 %)
(6 )
(0.1 %) Operating income 254 4.6 %
117 2.0 % Interest expense – net (79 ) (97 ) Net
premiums on early retirement of debt (Note 5)
2
- Income before income
taxes 177 20 Federal, state and local income tax expense
(Note 6)
(64 )
(11 )
Net income 113 9 Net loss attributable to noncontrolling
interest
3 2
Net income attributable to Macy’s, Inc. shareholders
$ 116 $
11
Basic earnings per share attributable
to Macy’s, Inc. shareholders
$ .38 $
.03
Diluted earnings per share attributable
to Macy’s, Inc. shareholders
$ .38 $
.03 Average common shares:
Basic
305.5 309.4 Diluted 306.5 311.3 End of period common shares
outstanding 304.6 308.5 Depreciation and amortization
expense $ 244 $ 260
MACY’S, INC.
Consolidated
Statements of Income (Unaudited)
Notes: (1) Because of the seasonal nature of the
retail business, the results of operations for the 13 weeks ended
July 29, 2017 and July 30, 2016 (which do not include the Christmas
season) are not necessarily indicative of such results for the
fiscal year. (2) Merchandise inventories are valued at the lower of
cost or market using the last-in, first-out (LIFO) retail inventory
method. Application of the LIFO retail inventory method did not
result in the recognition of any LIFO charges or credits affecting
cost of sales for the 13 weeks ended July 29, 2017 and July 30,
2016. (3) For the 13 weeks ended July 30, 2016, impairments and
other costs amounted to $249 million on a pre-tax basis, $154
million after tax or $.49 per diluted share attributable to Macy’s,
Inc. These charges primarily relate to store closings. (4) For the
13 weeks ended July 29, 2017 and July 30, 2016, non-cash settlement
charges of $51 million and $6 million, respectively, were
recognized on a pre-tax basis. The after tax effect of these
charges during the 13 weeks ended July 29, 2017 was $32 million, or
$.10 per diluted share attributable to Macy’s, Inc. The after tax
effect of these charges during the 13 weeks ended July 30, 2016 was
$3 million, or $.02 per diluted share attributable to Macy’s, Inc.
These charges result from an increase in lump sum distributions
from the Company’s defined benefit retirement plans and are
associated with store closings, a voluntary separation program and
organizational restructuring, in addition to periodic distribution
activity. (5) The 13 weeks ended July 29, 2017 include income
associated with the early retirement of debt of approximately $2
million on a pre-tax basis, $1 million after tax, related to
premium amortization net of expenses and fees. (6) Federal, state
and local income taxes differ from the federal income tax statutory
rate of 35%, principally because of the effect of state and local
taxes, including the settlement of various tax issues and tax
examinations as well as the recognition of approximately $1 million
of net tax deficiencies associated with share-based payment awards
due to the adoption of Accounting Standards Update 2016-09,
Improvements to Employee Share-Based Payment Accounting.
Historically, the Company had recognized such amounts as an offset
to accumulated excess tax benefits previously recognized in
additional paid-in capital.
MACY’S, INC.
Consolidated
Statements of Income (Unaudited) (Note 1)
(All amounts in millions except
percentages and per share figures)
26 Weeks Ended 26 Weeks Ended
July 29, 2017
July 30, 2016
$
% toNet sales
$
% toNet sales
Net sales $ 10,890 $ 11,637 Cost of sales (Note 2)
6,619 60.8 %
6,984 60.0 %
Gross margin 4,271 39.2 % 4,653 40.0 % Selling,
general and administrative expenses (3,746 ) (34.3 %) (3,992 )
(34.3 %) Impairments and other costs (Note 3) - - % (249 )
(2.1 %) Settlement charges (Note 4)
(51
)
(0.5 %)
(19 )
(0.2 %) Operating income 474 4.4 %
393 3.4 % Interest expense – net (163 ) (195 ) Net
premiums on early retirement of debt (Note 5)
(1 )
- Income before
income taxes 310 198 Federal, state and local income tax
expense (Note 6)
(127 )
(74
) Net income 183 124 Net loss attributable to
noncontrolling interest
4
3 Net income attributable to Macy’s,
Inc. shareholders
$ 187
$ 127
Basic earnings per share attributable
to Macy’s, Inc. shareholders
$ .61 $
.41
Diluted earnings per share attributable
to Macy’s, Inc. shareholders
$ .61 $
.41 Average common shares: Basic 305.2
310.0 Diluted 306.7 312.4 End of period common shares
outstanding 304.6 308.5 Depreciation and amortization
expense $ 487 $ 520
MACY’S, INC.
Consolidated
Statements of Income (Unaudited)
Notes: (1) Because of the seasonal nature of the
retail business, the results of operations for the 26 weeks ended
July 29, 2017 and July 30, 2016 (which do not include the Christmas
season) are not necessarily indicative of such results for the
fiscal year. (2) Merchandise inventories are valued at the lower of
cost or market using the last-in, first-out (LIFO) retail inventory
method. Application of the LIFO retail inventory method did not
result in the recognition of any LIFO charges or credits affecting
cost of sales for the 26 weeks ended July 29, 2017 and July 30,
2016. (3) For the 26 weeks ended July 30, 2016, impairments and
other costs amounted to $249 million on a pre-tax basis, $154
million after tax or $.49 per diluted share attributable to Macy’s,
Inc. These charges primarily relate to store closings. (4) For the
26 weeks ended July 29, 2017 and July 30, 2016, non-cash settlement
charges of $51 million and $19 million, respectively, were
recognized on a pre-tax basis. The after tax effect of these
charges during the 26 weeks ended July 29, 2017 was $32 million, or
$.10 per diluted share attributable to Macy’s, Inc. The after tax
effect of these charges during the 26 weeks ended July 30, 2016 was
$12 million, or $.04 per diluted share attributable to Macy’s, Inc.
These charges result from an increase in lump sum distributions
from the Company’s defined benefit retirement plans and are
associated with store closings, a voluntary separation program and
organizational restructuring, in addition to periodic distribution
activity. (5) The 26 weeks ended July 29, 2017 include expense
associated with the early retirement of debt of approximately $1
million on a pre-tax basis. (6) Federal, state and local income
taxes differ from the federal income tax statutory rate of 35%,
principally because of the effect of state and local taxes,
including the settlement of various tax issues and tax examinations
as well as the recognition of approximately $12 million of net tax
deficiencies associated with share-based payment awards due to the
adoption of Accounting Standards Update 2016-09, Improvements to
Employee Share-Based Payment Accounting. Historically, the Company
had recognized such amounts as an offset to accumulated excess tax
benefits previously recognized in additional paid-in capital.
MACY’S,
INC.
Consolidated Balance
Sheets (Unaudited)
(millions)
July 29, January 28, July 30,
2017
2017 2016 ASSETS: Current Assets: Cash
and cash equivalents $ 783 $ 1,297 $ 1,000 Receivables 382 522 423
Merchandise inventories 4,980 5,399 5,322 Prepaid expenses and
other current assets
412
408 471 Total Current
Assets
6,557
7,626 7,216 Property and Equipment – net 6,822 7,017 7,187
Goodwill 3,897 3,897 3,897 Other Intangible Assets – net 493 498
502 Other Assets
810
813 904 Total Assets
$ 18,579 $
19,851 $ 19,706
LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities:
Short-term debt $ 16 $ 309 $ 1,063 Merchandise accounts payable
1,669 1,423 1,877 Accounts payable and accrued liabilities 2,873
3,563 2,514 Income taxes
52
352 23 Total Current
Liabilities 4,610 5,647 5,477 Long-Term Debt 6,301 6,562
6,567 Deferred Income Taxes 1,512 1,443 1,448 Other Liabilities
1,773 1,877 2,164 Shareholders’ Equity: Macy’s, Inc. 4,388 4,323
4,046 Noncontrolling interest
(5 )
(1 )
4 Total Shareholders’ Equity
4,383 4,322
4,050 Total Liabilities and
Shareholders’ Equity
$ 18,579
$ 19,851 $
19,706
Note: Certain reclassifications were made to prior year’s
amounts to conform with the classifications of such amounts in the
most recent years.
MACY’S, INC.
Consolidated
Statements of Cash Flows (Unaudited)
(millions)
26 Weeks EndedJuly 29,
2017
26 Weeks EndedJuly 30,
2016
Cash flows from operating activities: Net income $ 183 $ 124
Adjustments to reconcile net income to net
cashprovided by operating activities:
Impairment and other costs - 249 Settlement charges 51 19
Depreciation and amortization 487 520 Stock-based compensation
expense 31 37 Gains on sale of real estate (111 ) (35 )
Amortization of financing costs and
premium on acquired debt
(10 ) (1 ) Changes in assets and liabilities: Decrease in
receivables 119 99 Decrease in merchandise inventories 419 184
Increase in prepaid expenses and other current assets (13 ) (40 )
Increase in merchandise accounts payable 261 307
Decrease in accounts payable, accrued
liabilities and other items not separately identified
(540 ) (634 ) Decrease in current income taxes (301 ) (204 )
Increase (decrease) in deferred income taxes 24 (26 ) Decrease in
other liabilities not separately identified
(64
)
(39 ) Net cash provided by operating
activities
536 560
Cash flows from investing activities: Purchase of
property and equipment (247 ) (293 ) Capitalized software (125 )
(151 ) Disposition of property and equipment 150 67 Other, net
9 39 Net cash
used by investing activities
(213 )
(338 )
Cash flows from financing activities:
Debt repaid (550 ) (3 ) Financing costs - (3 ) Dividends paid (230
) (228 ) Increase (decrease) in outstanding checks (64 ) 2
Acquisition of treasury stock (1 ) (130 ) Issuance of common stock
2 27 Proceeds from noncontrolling interest
6
4 Net cash used by financing
activities
(837 )
(331 )
Net decrease in cash and cash equivalents (514 ) (109 ) Cash
and cash equivalents at beginning of period
1,297 1,109
Cash and cash equivalents at end of period
$
783 $ 1,000
Note: Certain reclassifications were made to prior year’s
amounts to conform with the classifications of such amounts in the
most recent years.
MACY’S, INC.
Important
Information Regarding Non-GAAP Financial Measures
The Company reports its financial results in accordance with
U.S. generally accepted accounting principles ("GAAP"). However,
management believes that certain non-GAAP financial measures
provide users of the Company's financial information with
additional useful information in evaluating operating performance.
Management believes that providing supplemental changes in
comparable sales on an owned plus licensed basis, which includes
the impact of growth in comparable sales of departments licensed to
third parties, assists in evaluating the Company's ability to
generate sales growth, whether through owned businesses or
departments licensed to third parties, and in evaluating the impact
of changes in the manner in which certain departments are operated.
In addition, management believes that excluding certain items from
operating income or diluted earnings per share attributable to
Macy's, Inc. shareholders that are not associated with the
Company’s core operations and that may vary substantially in
frequency and magnitude period-to-period provides useful
supplemental measures that assist in evaluating the Company's
ability to generate earnings and leverage sales and to more readily
compare these metrics between past and future periods. Further,
providing cash flow from operating activities net of cash used in
investing activities is a useful measure in evaluating the
Company’s ability to generate cash from operations after giving
effect to cash used by investing activities.
The reconciliation of the forward-looking non-GAAP financial
measure of changes in comparable sales on an owned plus licensed
basis to GAAP comparable sales (i.e., on an owned basis) is in the
same manner as illustrated below, where the impact of growth in
comparable sales of departments licensed to third parties is the
only reconciling item. In addition, the Company does not provide
the most directly comparable forward-looking GAAP measure of
diluted earnings per share attributable to Macy’s, Inc.
shareholders because the timing and amount of excluded items (e.g.,
asset impairment charges and other costs, retirement plan
settlement charges and net premiums on the early retirement of
debt) are unreasonably difficult to fully and accurately
estimate.
Non-GAAP financial measures should be viewed as supplementing,
and not as an alternative or substitute for, the Company's
financial results prepared in accordance with GAAP. Certain of the
items that may be excluded or included in non-GAAP financial
measures may be significant items that could impact the Company's
financial position, results of operations or cash flows and should
therefore be considered in assessing the Company's actual and
future financial condition and performance. Additionally, the
amounts received by the Company on account of sales of departments
licensed to third parties are limited to commissions received on
such sales. The methods used by the Company to calculate its
non-GAAP financial measures may differ significantly from methods
used by other companies to compute similar measures. As a result,
any non-GAAP financial measures presented herein may not be
comparable to similar measures provided by other companies.
MACY’S, INC.
Important
Information Regarding Non-GAAP Financial Measures
Change in Comparable Sales
The following is a reconciliation of the non-GAAP financial
measure of changes in comparable sales on an owned plus licensed
basis, to GAAP comparable sales (i.e., on an owned basis), which
the Company believes to be the most directly comparable GAAP
financial measure.
13 WeeksEndedJuly 29,2017
26 WeeksEndedJuly 29,2017
Decrease in comparable sales on an owned basis (Note 1)
(2.8 )%
(4.0 )%
Impact of growth in comparable sales of
departments licensed to third parties (Note 2)
0.3 %
0.4 % Decrease in comparable
sales on an owned plus licensed basis
(2.5 )%
(3.6 )% Notes: (1) Represents the
period-to-period change in net sales from stores in operation
throughout the year presented and the immediately preceding year
and all online sales, excluding commissions from departments
licensed to third parties. (2) Represents the impact of including
the sales of departments licensed to third parties occurring in
stores in operation throughout the year presented and the
immediately preceding year and via the Internet in the calculation
of comparable sales. 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 with respect to
licensed department sales (or any commissions earned on such sales)
in its comparable sales in accordance with GAAP (i.e., on an owned
basis). The Company believes that the amounts of commissions earned
on sales of departments licensed to third parties are not material
to its results of operations for the periods presented.
MACY’S, INC.
Important
Information Regarding Non-GAAP Financial Measures
Diluted Earnings Per Share Attributable to
Macy's, Inc. Shareholders, Excluding Certain Items
The following is a reconciliation of the non-GAAP financial
measure of diluted earnings per share attributable to Macy's, Inc.
shareholders, excluding certain items identified below, to GAAP
diluted earnings per share attributable to Macy's, Inc.,
shareholders, which the Company believes to be the most directly
comparable GAAP measure.
13 WeeksEndedJuly 29,2017
13 WeeksEndedJuly 30,2016
Diluted earnings per share attributable to
Macy’s, Inc. shareholders
$ 0.38 $
0.03 Add back the pre-tax impact of
impairments and other costs - 0.80 Add back the pre-tax
impact of settlement charges 0.17 0.02
Deduct the pre-tax impact of net premiums
associated with the early retirement of debt (Note 1)
- - Deduct the income tax impact of certain items identified
above
(0.07 )
(0.31 )
Diluted earnings per share attributable to
Macy’s, Inc. shareholders, excluding certain items
$ 0.48 $
0.54
26 WeeksEndedJuly 29,2017
26 WeeksEndedJuly 30,2016
Diluted earnings per share attributable to
Macy’s, Inc. shareholders
$ 0.61 $
0.41 Add back the pre-tax impact of
impairments and other costs - 0.80 Add back the pre-tax
impact of settlement charges 0.17 0.06
Add back the pre-tax impact of net
premiums associated with the early retirement of debt (Note
1)
- - Deduct the income tax impact of certain items identified
above
(0.07 )
(0.33 )
Diluted earnings per share attributable to
Macy’s, Inc. shareholders, excluding certain items
$ 0.71 $
0.94 Note: (1) The impacts
during the 13 and 26 weeks ended July 29, 2017 represent values
less than $.01 per diluted share attributable to Macy’s, Inc.
shareholders.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170810005557/en/
Macy’s, Inc.MediaBlair Fasbender Rosenberg,
646-429-6032orInvestorsMonica Koehler, 513-579-7780
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