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As of 8:04 PM 08/19/14 All times are local (Market data is delayed by at least 15 minutes).

macy's inc (M) Key Developments

Macy's, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended August 2, 2014; Provides Sales Guidance for the Second Half and Earnings Guidance for the Fiscal Year 2014

Macy's, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended August 2, 2014. For the quarter, the company reported net sales of $6,267 million compared to $6,066 million a year ago. Operating income was $571 million compared to $534 million a year ago. Income before income taxes was $471 million compared to $438 million a year ago. Net income was $292 million or $0.80 per diluted share compared to $281 million or $0.72 per diluted share a year ago. For the six months, the company reported net sales of $12,546 million compared to $12,453 million a year ago. Operating income was $1,014 million compared to $969 million a year ago. Income before income taxes was $814 million compared to $776 million a year ago. Net income was $516 million or $1.40 per diluted share compared to $498 million or $1.27 per diluted share a year ago. Net cash provided by operating activities was $646 million compared to $664 million a year ago. Purchase of property and equipment was $245 million compared to $206 million a year ago. The company’s expectations for the second half of 2014 remain on track, with guidance for comparable store growth of 2% to 3%. However, even with an improved sales trend in the second quarter, the company was unable to make up its sales shortfall from the first quarter. Earnings per share on a diluted basis for the fall season, the combination of third quarter and fourth quarter, is expected to be $3.04 to $3.14. This calculates to expectations for a full-year 2014 comparable sales increase of 1.5% to 2%. Full-year 2014 comparable sales together with comparable sales of departments licensed to third parties now are expected to increase by 2% to 2.5%. Previous guidance was for full-year comparable sales to increase by 2.5% to 3%. The company continues to expect full-year 2014 earnings per diluted share in the range of $4.40 to $4.50, consistent with guidance previously provided. The company still expects annual effective tax rate will be 36.4%. The company expects gross margin rate to be flat to down slightly for this season as well as for the year. The company is still expecting depreciation and amortization of $1,040,000,000 for the full year.

Macy's Inc. Appoints Jason Williams as Senior Manager, Real Estate

Macy's Inc. appointed Jason Williams as senior manager, real estate. Williams will be responsible for retail store real estate functions in the North Central Region, as well as Macy's logistics and warehousing real estate functions across the country. Those functions include acquisitions, dispositions, lease renewal negotiations, site selection, reciprocal easement agreement interpretation and negotiation and distribution center lease and/or purchase negotiation. Prior to joining Macy's, Williams was a senior associate in the Cincinnati office of CBRE, specializing in industrial real estate landlord and tenant representation, as well as buyer and seller representation. Before that, Williams spent nearly three years with Al Neyer, serving as director of business development.

Macy's, Inc., Q2 2015 Earnings Call, Aug 13, 2014

Macy's, Inc., Q2 2015 Earnings Call, Aug 13, 2014

Macy's Closing DeSoto Square Store in Bradenton; to Open the Mall at University Town Center, October 16

Macy's will be leaving the DeSoto Square mall in favor of its new store set to open in October at the Mall at University Town Center. Macy's is opening a 160,000-square-foot store to anchor the Mall at University Town Center, opening Oct. 16. Despite the closure, Macy's was performing well at DeSoto, seeing increased sales at the mall from 2011 through this year.

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.

 

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