Macy's 2011 Annual Report Download - page 10

Download and view the complete annual report

Please find page 10 of the 2011 Macy's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 96

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96

4
December 2005. Mr. Gennette served as Senior Vice President/General Merchandise Manager of Macy’s West from May 2001
to March 2004.
Julie Greiner has been Chief Merchandise Planning Officer of the Company since February 2009; prior thereto she served
as Chairman and CEO of Macy’s Florida from July 2005 to February 2009 and as Senior Executive Vice President and Director
of Stores of Bloomingdale’s from April 1998 to July 2005.
Karen M. Hoguet has been Chief Financial Officer of the Company since February 2009; prior thereto she served as
Executive Vice President and Chief Financial Officer of the Company from June 2005 to February 2009. Mrs. Hoguet served as
Senior Vice President and Chief Financial Officer of the Company from October 1997 to June 2005.
Jeffrey Kantor has been Chairman of macys.com since February 2012; prior thereto he served as President for
Merchandising of macys.com from August 2010 to February 2012, President-Merchandising for Home from May 2009 to
August 2010 and President for furniture for Macy's Home Store from February 2006 to May 2009.
Ronald Klein will retire effective March 31, 2012, after 36 years with the Company. Mr. Klein has been Chief Stores
Officer of the Company since February 2009; prior thereto he served as Chairman and CEO of Macy’s East from February
2004 to February 2009.
Peter Sachse has been Chief Stores Officer since February 2012; prior thereto he served as Chief Marketing Officer of the
Company from February 2009 to February 2012, Chairman of macys.com from April 2006 to February 2012, President of
Macy’s Corporate Marketing from May 2007 to February 2009 and as Chief Marketing Officer of the Company from June
2003 to May 2007.
Martine Reardon has been Chief Marketing Officer since February 2012; prior thereto she served as Executive Vice
President for Marketing from February 2009 to February 2012 and Executive Vice President, national marketing strategy,
events and public relations for Macy's Corporate Marketing from 2007 to February 2009.
Joel A. Belsky has been Executive Vice President and Controller of the Company since May 2009; prior thereto he served
as Vice President and Controller of the Company from October 1996 through April 2009.
Dennis J. Broderick has been Secretary of the Company since July 1993 and Executive Vice President and General
Counsel of the Company since May 2009; prior thereto he served as Senior Vice President and General Counsel of the
Company from January 1990 to April 2009.
Item 1A. Risk Factors.
In evaluating the Company, the risks described below and the matters described in “Forward-Looking Statements” should
be considered carefully. Such risks and matters could significantly and adversely affect the Company’s business, prospects,
financial condition, results of operations and cash flows.
The Company faces significant competition in the retail industry.
The Company conducts its retail merchandising business under highly competitive conditions. Although the Company is
one of the nation’s largest retailers, it has numerous and varied competitors at the national and local levels, including
conventional and specialty department stores, other specialty stores, category killers, mass merchants, value retailers,
discounters, and Internet and mail-order retailers. Competition may intensify as the Company’s competitors enter into business
combinations or alliances. Competition is characterized by many factors, including assortment, advertising, price, quality,
service, location, reputation and credit availability. If the Company does not compete effectively with regard to these factors, its
results of operations could be materially and adversely affected.
The Company’s sales and operating results depend on consumer preferences and consumer spending.
The fashion and retail industries are subject to sudden shifts in consumer trends and consumer spending. The Company’s
sales and operating results depend in part on its ability to predict or respond to changes in fashion trends and consumer
preferences in a timely manner. The Company develops new retail concepts and continuously adjusts its industry position in
certain major and private-label brands and product categories in an effort to satisfy customers. Any sustained failure to
anticipate, identify and respond to emerging trends in lifestyle and consumer preferences could have a material adverse effect
on the Company’s business. The Company’s sales are impacted by discretionary spending by consumers. Consumer spending
may be affected by many factors outside of the Company’s control, including general economic conditions, consumer
disposable income levels, consumer confidence levels, the availability, cost and level of consumer debt and customer behaviors