Macy's 2011 Annual Report Download - page 6

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Explanatory Note
On August 30, 2005, the Company completed the acquisition of The May Department Stores Company (“May”) by
means of a merger of May with and into a wholly-owned subsidiary of the Company (the “Merger”). As a result of the Merger,
May’s separate corporate existence terminated. Upon the completion of the Merger, the subsidiary was merged with and into
the Company and its separate corporate existence terminated. On June 1, 2007, the Company changed its name from Federated
Department Stores, Inc. to Macy’s, Inc. (“Macy’s”).
Unless the context requires otherwise, references to “Macy’s” or the “Company” are references to Macy’s and its
subsidiaries and references to “2011,” “2010,” “2009,” “2008” and “2007” are references to the Company’s fiscal years
ended January 28, 2012, January 29, 2011, January 30, 2010, January 31, 2009 and February 2, 2008, respectively.
Forward-Looking Statements
This report and other reports, statements and information previously or subsequently filed by the Company with the
Securities and Exchange Commission (the “SEC”) contain or may contain forward-looking statements. Such statements are
based upon the beliefs and assumptions of, and on information available to, the management of the Company at the time such
statements are made. The following are or may constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995: (i) statements preceded by, followed by or that include the words “may,” “will,”
“could,” “should,” “believe,” “expect,” “future,” “potential,” “anticipate,” “intend,” “plan,” “think,” “estimate” or
“continue” or the negative or other variations thereof, and (ii) statements regarding matters that are not historical facts. Such
forward-looking statements are subject to various risks and uncertainties, including risks and uncertainties relating to:
• the possible invalidity of the underlying beliefs and assumptions;
• competitive pressures from department and specialty stores, general merchandise stores, manufacturers’ outlets,
off-price and discount stores, and all other retail channels, including the Internet, mail-order catalogs and
television;
• general consumer-spending levels, including the impact of general economic conditions, consumer disposable
income levels, consumer confidence levels, the availability, cost and level of consumer debt, the costs of basic
necessities and other goods and the effects of the weather or natural disasters;
• conditions to, or changes in the timing of, proposed transactions and changes in expected synergies, cost savings
and non-recurring charges;
• possible changes or developments in social, economic, business, industry, market, legal and regulatory
circumstances and conditions;
• possible actions taken or omitted to be taken by third parties, including customers, suppliers, business partners,
competitors and legislative, regulatory, judicial and other governmental authorities and officials;
• changes in relationships with vendors and other product and service providers;
• currency, interest and exchange rates and other capital market, economic and geo-political conditions;
• severe weather, natural disasters and changes in weather patterns;
• possible outbreaks of epidemic or pandemic diseases;
• the potential impact of national and international security concerns on the retail environment, including any
possible military action, terrorist attacks or other hostilities;
• the possible inability of the Company’s manufacturers to deliver products in a timely manner or meet the
Company’s quality standards;
• the Company’s reliance on foreign sources of production, including risks related to the disruption of imports by
labor disputes, regional health pandemics, and regional political and economic conditions;
• duties, taxes, other charges and quotas on imports; and
• possible systems failures and/or security breaches, including, any security breach that results in the theft,
transfer or unauthorized disclosure of customer, employee or company information, or the failure to comply with
various laws applicable to the Company in the event of such a breach.
In addition to any risks and uncertainties specifically identified in the text surrounding such forward-looking statements,
the statements in the immediately preceding sentence and the statements under captions such as “Risk Factors” and “Special