Macy's 2007 Annual Report Download - page 6

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• macy’s, inc.
Virtually every company in the retailing industry suffered in 2007 as the American
economy weakened and consumer confidence eroded. Macy’s, Inc. was no exception.
Even with the significant amount of energy and newness we infused into our business,
our financial results were softer than we had originally anticipated going into the year.
There were, however, some important positive outcomes – not the least of which is
that Macy’s, Inc. outperformed most of its primary competitors in the crucial fourth
quarter. This indicates to us that our strategic priorities are on track and gives us
confidence that we will continue to compete successfully when the economy
bounces back.
Importantly, the core strategy for Macy’s, Inc. has not changed. Our decisions are
guided by the company’s 4 Priorities – compelling and distinctive assortments,
simplified pricing, improving the shopping experience, and creative marketing
that builds our brands and drives traffic. These priorities have resulted in Macy’s
successful emergence as a national retailer, and they are more relevant than ever
moving forward.
Highlights of Progress in 2007
By any measure, 2007 was another year of milestone events and developments
for Macy’s, Inc. Among the highlights:
• Our shareholders approved a change in our corporate name to Macy’s, Inc.
from Federated Department Stores, Inc., effective June 1, 2007. In doing so, we
demonstrated that we are a consumer-driven company focused on the Macy’s
and Bloomingdale’s brands. Simultaneously, we adopted the single letter “M”
as our ticker symbol on the New York Stock Exchange.
• The Board of Directors authorized a $4 billion increase in the company’s stock
buyback program. In total, we repurchased approximately 85.3 million shares
of stock for $3.3 billion in 2007.
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“We will never rest
in our pursuit of delivering
the best brands,
the most-wanted items and
the freshest thinking at Macy’s
and Bloomingdale’s.”
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• macy’s, inc.