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As of 12:43 PM 07/24/14 All times are local (Market data is delayed by at least 15 minutes).

macy's inc (M) Key Developments

Macy's, Inc. Settles Civil Rights Lawsuit

A black actor who accused Macy's, Inc. of racially profiling minorities as shoplifters is settling his civil rights lawsuit, one of several cases that drew attention last year to long-simmering complaints about how big retailers treat minority customers. His lawsuit was among a series of complaints by black shoppers that spotlighted questions about security practices and profiling at the company’s and other major retailers in the city. Years earlier, the company had paid a $600,000 fine and promised changes after the state attorney general made similar claims. The company said in its statement that it also had reached agreements to settle other racial profiling lawsuits. At least eight shoppers have filed such suits.

Macy's, Inc. Elects Annie Young-Scrivner as Board of Director

Macy's, Inc. announced that Annie Young-Scrivner, executive vice president of Starbucks Coffee Company and president of its Teavana business, has been elected to the company's board of directors, effective June 23, 2014. In February 2014, Young-Scrivner, 45, was named president of Teavana. Young-Scrivner has served in several of the company's key leadership roles since 2009, including president, Starbucks Canada; president, Tazo Tea, and as Starbucks global chief marketing officer.

Macy's, Inc. Plans to Open New Store in West O'ahu, Hawaii

Macy's, Inc. announced that it plans to open a new Ka Makana Ali'i in Kapolei in West O'ahu, Hawaii, in mid-2016. Macy's will occupy a 103,000-square-foot, one-level store in Ka Makana Ali'i with a full range of apparel and accessories for women, men and children, as well as home merchandise. The new Macy's store is expected to employ approximately 180 associates. With 1.4 million square feet on 67 acres, it will be the first all-new regional shopping center to be built in Hawaii in more than 30 years.

Macy's, Inc. Announces Quarterly Dividend Payable on July 1, 2014; Reports Unaudited Consolidated Earnings Results for the First Quarter Ended May 3, 2014; Reiterates Earnings Guidance for the Fiscal Year 2014

The board of directors of Macy's, Inc. has authorized an increase in the quarterly dividend on the company's common stock to 31.25 cents per share from the current 25 cents per share. The new dividend will be payable July 1, 2014, to shareholders of record at the close of business on June 13, 2014. The company reported unaudited consolidated earnings results for the first quarter ended May 3, 2014. For the quarter, the company reported net sales of $6,279 million compared to $6,387 million a year ago. Operating income was $443 million compared to $435 million a year ago. Income before income taxes was $343 million compared to $338 million a year ago. Net income was $224 million or $0.60 per diluted share compared to $217 million or $0.55 per diluted share a year ago. Net cash provided by operating activities was $86 million compared to $298 million a year ago. Purchase of property and equipment was $63 million compared to $65 million a year ago. The company continues to expect comparable sales growth in fiscal 2014 in the range of 2.5% to 3%. The company also reiterated its guidance for earnings per diluted share in fiscal 2014 of $4.40 to $4.50. The effective tax rate for the year to be 36.4%.

Macy's, Inc., Q1 2015 Earnings Call, May 14, 2014

Macy's, Inc., Q1 2015 Earnings Call, May 14, 2014


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