Macy's 1999 Annual Report Download - page 2

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95 96 97 98 99
$13.6*
$15.4
$15.2
$14.8
$17.7
Sales
In Billions
1999 1998 1997 1996 1995
Net Sales $ 17.716 billion $ 15.365 billion $15.220 billion $14.833 billion $13.622 billion*
Operating Income
Excluding unusual items (Note 1) $ 1,701 million $ 1,455 million $ 1,341 million $ 1,202 million $ 995 million
% of sales 9.6% 9.5% 8.8% 8.1% 7.3%
EBITDA (Note 2) $ 2,439 million $ 2,079 million $ 1,931 million $ 1,735 million $ 1,470 million
% of sales 13.8% 13.5% 12.7% 11.7% 10.8%
Net Income (Note 1)
Excluding unusual items $ 795 million $ 685 million $ 575 million $ 453 million $ 333 million
Including unusual items $ 795 million $ 662 million $ 536 million $ 266 million $ 75 million
Diluted Earnings Per Share (Note 1)
Excluding unusual items $3.62 $3.06 $2.58 $2.09 $1.79
Including unusual items $3.62 $2.96 $2.41 $1.24 $ .39
N et sales and percent of sales have been restated to exclude leased departments.
*Excludes net sales of $992 million for Broadway stores.
Notes:
(1) Unusual items represent inventory valuation adjustments related to consolidations and business integration and consolidation expenses (BICE) in 1995 and 1996,
the charitable contribution to the Federated Department Stores Foundation in 1995, the impact, in 1995, of the Broadway Stores, Inc. acquisition on Federated’s
consolidated operations, interest expense and per share earnings and, if applicable, the loss associated with the prepayment of debt in 1997 and 1998.
(2) EBITDA represents earnings before interest, taxes, depreciation, amortization, BICE, the charitable contribution to the Federated Department Stores Foundation
and the impact, in 1995, of the Broadway Stores, Inc. acquisition on Federated’s consolidated operations.
95 96 97 98 99
10.8%
11.7%
12.7%
13.5%
$1.79
$3.06
$2.58
$2.09
Financial Highlights
Financial Highlights
95 96 97 98 99
13.8%
$3.62
Diluted Earnings
Per Share
(Excludes unusual items)
EBITDA
As a Percent of Sales
(Earnings Before Interest, Taxes,
Depreciation and Amortization)
On Cover: The world is changing fast … and so is I•N•C International Concepts, Federated’s of-the-moment private brand of women’s apparel.
Shown on the cover is the new look of embellished bottoms paired with simple tops, in a python print pant and sleek, sleeveless turtleneck. It’s a
modern reference to hippie chic. And if it’s modern – it’s I•N•C.