Macy's 2013 Annual Report Download - page 91

Table of Contents
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 
Unaudited quarterly results for the last two years were as follows:
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
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


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
2013:
Net sales $6,387
$6,066
$6,276
$9,202
Cost of sales (3,911)
(3,533)
(3,817)
(5,464)
Gross margin 2,476
2,533
2,459
3,738
Selling, general and administrative expenses (2,041)
(1,999)
(2,099)
(2,301)
Impairments, store closing and other costs
and gain on sale of leases —
—
—
(88)
Net income 217
281
177
811
Basic earnings per share .56
.73
.47
2.21
Diluted earnings per share .55
.72
.47
2.16
2012:
Net sales $ 6,143
$6,118
$6,075
$9,350
Cost of sales (3,757)
(3,555)
(3,672)
(5,554)
Gross margin 2,386
2,563
2,403
3,796
Selling, general and administrative expenses (1,995)
(2,009)
(2,078)
(2,400)
Impairments, store closing and other costs
and gain on sale of leases —
—
—
(5)
Net income 181
279
145
730
Basic earnings per share .43
.68
.36
1.86
Diluted earnings per share .43
.67
.36
1.83
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Certain debt obligations of the Company described in Note 6, which constitute debt obligations of Parent’s 100%-owned subsidiary, Macy’s Retail
Holdings, Inc. (“Subsidiary Issuer”) are fully and unconditionally guaranteed by Parent. In the following condensed consolidating financial statements, “Other
Subsidiaries” includes all other direct subsidiaries of Parent, including FDS Bank, West 34th Street Insurance Company (prior to a merger, known separately
as Leadville Insurance Company and Snowdin Insurance Company) and its subsidiary West 34th Street Insurance Company New York, Macy's
Merchandising Corporation, Macy’s Merchandising Group, Inc. and its subsidiaries Macy's Merchandising Group (Hong Kong) Limited, Macy's
Merchandising Group Procurement, LLC, Macy’s Merchandising Group International, LLC, and Macy's Merchandising Group International (Hong Kong)
Limited. “Subsidiary Issuer” includes operating divisions and non-guarantor subsidiaries of the Subsidiary Issuer on an equity basis. The assets and
liabilities and results of operations of the non-guarantor subsidiaries of the Subsidiary Issuer are also reflected in “Other Subsidiaries.”
Condensed Consolidating Balance Sheets as of February 1, 2014 and February 2, 2013, the related Condensed Consolidating Statements of
Comprehensive Income for 2013, 2012 and 2011, and the related Condensed Consolidating Statements of Cash Flows for 2013, 2012, and 2011 are presented
on the following pages.
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