Macy's 2001 Annual Report Download - page 7

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Yet having said t hat , we also know t hat being willing t o t ake prudent risks is integral
t o running a business. Indeed, in t oday’s competit ive retail environment , we believe
t here is great er risk in st anding still and accept ing t he st at us quo t han in st epping
out f rom t he crowd, t est ing new concept s and t rying t o move f orward.
Stepping Ahead
In 2002, we will resolut ely pursue t he goals f or driving sales growt h out lined
above, wit h t he object ive of generat ing a signif icant improvement in earnings and
return on investment .
We plan t o open 14 new st ores t his year – 11 new depart ment st ores, t wo
Bloomingdale’s home stores in Las Vegas and Chicago, and a new Burdines Furnit ure
Gallery in Fort Lauderdale – and we will cont inue t o t est and roll out new prot ot ype
concept s in t hese st ores as well as incorporat ing some of t hese advances int o our
ongoing st ore remodel program. A t ot al of $700 million has been budgeted f or
capit al expendit ures in 2002.
We also are invest ing in our people. Federat ed’s advanced Leadership Inst it ute is
among t he industry’s most out st anding t raining programs, and a cat alyst f or
Federat ed being recognized as one of Training magazine's Top 100 corporat ions
“unsurpassed in harnessing human capit al.”
This is where we have been and where we are headed. We’re conf ident we have t he
right people, t he right st rat egies, t he right priorit ies and a st rong balance sheet
in place t o ensure progress and prof it abilit y in 2002, and we are commit t ed t o
delivering t hat result .
Sincerely,
James M . Zimmerman
Chairman/Chief Execut ive Of f icer
Terry J. Lundgren
President /Chief Operat ing Of f icer
& Chief M erchandising Of f icer
April 17, 2002
James M. Zimmerman
Terry J. Lundgren