Macy's 2013 Annual Report Download - page 14

Table of Contents
Factors beyond the Company’s control could affect the Company’s stock price.
The Company’s stock price, like that of other retail companies, is subject to significant volatility because of many factors, including factors beyond the
control of the Company. These factors may include:
•general economic and stock and credit market conditions;
•risks relating to the Company’s business and its industry, including those discussed above;
•strategic actions by the Company or its competitors;
•variations in the Company’s quarterly results of operations;
•future sales or purchases of the Company’s common stock; and
•investor perceptions of the investment opportunity associated with the Company’s common stock relative to other investment alternatives.
In addition, the Company may fail to meet the expectations of its stockholders or of analysts at some time in the future. If the analysts that regularly
follow the Company’s stock lower their rating or lower their projections for future growth and financial performance, the Company’s stock price could decline.
Also, sales of a substantial number of shares of the Company’s common stock in the public market or the appearance that these shares are available for sale
could adversely affect the market price of the Company’s common stock.
 
None.
 
The properties of the Company consist primarily of stores and related facilities, including a logistics network. The Company also owns or leases other
properties, including corporate office space in Cincinnati and New York and other facilities at which centralized operational support functions are conducted.
As of February 1, 2014, the operations of the Company included 840 stores in 45 states, the District of Columbia, Puerto Rico and Guam, comprising a total
of approximately 150,100,000 square feet. Of such stores, 460 were owned, 269 were leased and 111 stores were operated under arrangements where the
Company owned the building and leased the land. Substantially all owned properties are held free and clear of mortgages. Pursuant to various shopping center
agreements, the Company is obligated to operate certain stores for periods of up to 20 years. Some of these agreements require that the stores be operated under
a particular name. Most leases require the Company to pay real estate taxes, maintenance and other costs; some also require additional payments based on
percentages of sales and some contain purchase options. Certain of the Company’s real estate leases have terms that extend for a significant number of years
and provide for rental rates that increase or decrease over time.
Additional information about the Company’s stores as of February 1, 2014 is as follows:
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









Mid-Atlantic
128
68
40
20
Northeast
119
62
48
9
North Central
119
82
26
11
Northwest
126
39
69
18
Southeast
119
78
20
21
South Central
101
77
16
8
Southwest
128
54
50
24
840
460
269
111
The seven geographic regions detailed in the foregoing table are based on the Company’s Macy’s-branded operational structure. The Company’s retail
stores are located at urban or suburban sites, principally in densely populated areas across the United States.
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