Macy's 2013 Annual Report Download - page 22
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Table of Contents
Operating Income, Excluding Certain Items, as a Percent to Net Sales
The following is a tabular reconciliation of the non-GAAP financial measure operating income, excluding certain items, as a percent to net sales to GAAP
operating income as a percent to net sales, which the Company believes to be the most directly comparable GAAP financial measure.
Net sales
$27,931
$27,686
$26,405
$25,003
$ 23,489
Operating income
$2,678
$2,661
$2,411
$1,894
$ 1,063
Operating income as a percent to net sales
9.6%
9.6%
9.1%
7.6%
4.5%
Operating income
$2,678
$2,661
$2,411
$1,894
$ 1,063
Add back (deduct) impairments, store closing and
other costs, gain on sale of leases and division consolidation costs
88
5
(25)
25
391
Operating income, excluding certain items
$2,766
$2,666
$2,386
$1,919
$ 1,454
Operating income, excluding certain items, as a
percent to net sales
9.9%
9.6%
9.0%
7.7%
6.2%
Diluted Earnings Per Share, Excluding Certain Items
The following is a tabular reconciliation of the non-GAAP financial measure diluted earnings per share, excluding certain items, to GAAP diluted
earnings per share, which the Company believes to be the most directly comparable GAAP measure.
Diluted earnings per share
$ 3.86
$3.24
$2.92
$1.98
$0.78
Add back the impact of impairments, store closing
and other costs
0.14
0.01
0.04
0.04
0.18
Add back the impact of premium on early
retirement of debt
—
0.21
—
0.09
—
Deduct the impact of gain on sale of leases
—
—
(0.08)
—
—
Add back the impact of division consolidation costs
—
—
—
—
0.40
Diluted earnings per share, excluding the impact of
impairments, store closing and other costs, premium
on early retirement of debt, gain on sale of leases
and division consolidation costs
$4.00
$3.46
$ 2.88
$2.11
$ 1.36
17