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Consolidated Statements of Income - 1Q 2004
(Unaudited)(Note 1)
(All amounts in millions except percentages and per share figures)
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13 Weeks Ended |
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May 1, 2004 |
May 3, 2003 |
| Net Sales |
$3,517 |
$3,291 |
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| Cost of Sales (Note 2) |
2,105 |
2,002 |
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| Percent to sales |
59.9% |
60.8% |
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| Gross Margin |
1,412 |
1,289 |
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| Percent to sales |
40.1% |
39.2% |
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| Selling, general and administrative expenses (Note 3) |
1,196 |
1,143 |
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| Percent to sales |
34.0% |
34.8% |
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| Operating Income |
216 |
146 |
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| Percent to sales |
6.1% |
4.4% |
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| Interest expense - net |
(60) |
(70) |
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| Income Before Income Taxes |
156 |
76 |
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| Federal, state and local income tax expense |
(60) |
(30) |
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| Net Income |
$96 |
$46 |
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| Basic Earnings per Share |
$.53 |
$.24 |
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| Diluted Earnings per Share (Note 4) |
$.52 |
$.24 |
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| Average Common Shares: |
| Basic |
180.5 |
189.2 |
| Diluted |
184.2 |
189.5 |
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| Depreciation and amortization expense |
$177 |
$180 |
Notes:
(1) Because of the seasonal nature of the retail business, the results of operations for the 13 weeks ended May 1, 2004 and May 3, 2003 (which do not include the Christmas season) are not necessarily indicative of such results for the fiscal year.
(2) Merchandise inventories are primarily valued at the lower of cost or market using the last-in, first-out (LIFO) retail inventory method. Application of this method did not impact cost of sales for the 13 weeks ended May 1, 2004 or May 3, 2003. For the 13 weeks ended May 1, 2004, cost of sales includes inventory valuation adjustments of $4 million related to the Burdines-Macy's consolidation.
(3) Selling, general and administrative ("SG&A") expenses include costs and expenses related to the Rich's-Macy's and Burdines-Macy's consolidations, centralizing the Macy's home store business and other store closings. For the 13 weeks ended May 1, 2004, SG&A expenses include store closing and consolidation costs of $8 million (including $3 million related to the Burdines-Macy's consolidation) and Macy's home store centralization costs of $7 million. For the 13 weeks ended May 3, 2003, SG&A expenses include store closing and consolidation costs of $8 million (including $6 million related to the Rich's-Macy's consolidation).
(4) For the 13 weeks ended May 1, 2004, store closing and consolidation costs and Macy's home store centralization costs (See notes 2 and 3) amounted to $.06 per diluted share. For the 13 weeks ended May 3, 2003, store closing and consolidation costs (See note 3) amounted to $.03 per diluted share.
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Historical Data:
Consolidated Financial Statements:
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