Macy's 2012 Annual Report Download - page 22

Download and view the complete annual report

Please find page 22 of the 2012 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 104

  • 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
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104

17
Adjusted EBITDA as a Percent to Net Sales
The following is a tabular reconciliation of the non-GAAP financial measure earnings before interest, taxes,
depreciation and amortization ("EBITDA"), as adjusted to exclude premium on early retirement of debt and impairments, store
closing costs and gain on sales of leases ("Adjusted EBITDA"), as a percent to net sales to GAAP net income as a percent to
net sales, which the Company believes to be the most directly comparable GAAP financial measure.
2012 2011 2010 2009
(millions, except percentages)
Net sales...................................................................................................... $ 27,686 $ 26,405 $ 25,003 $ 23,489
Net income.................................................................................................. $ 1,335 $ 1,256 $ 847 $ 329
Net income as a percent to net sales............................................................ 4.8% 4.8% 3.4% 1.4%
Net income.................................................................................................. $ 1,335 $ 1,256 $ 847 $ 329
Add back interest expense - net .................................................................. 422 443 508 556
Add back premium on early retirement of debt .......................................... 137 — 66 —
Add back federal, state and local income tax expense................................ 767 712 473 178
Add back (deduct) impairments, store closing costs,
gain on sale of leases and division consolidation costs........................... 5(25) 25 391
Add back depreciation and amortization..................................................... 1,049 1,085 1,150 1,210
Adjusted EBITDA....................................................................................... $ 3,715 $ 3,471 $ 3,069 $ 2,664
Adjusted EBITDA as a percent to net sales................................................ 13.4% 13.1% 12.3% 11.3%