Macy's 2014 Annual Report Download - page 6

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Unless the context requires otherwise, references to “Macy’s” or the “Company” are references to Macy’s and its
subsidiaries and references to “2014,” “2013,” “2012,” “2011” and “2010” are references to the Company’s fiscal years
ended January 31, 2015, February 1, 2014, February 2, 2013, January 28, 2012 and January 29, 2011, respectively. Fiscal
years 2014, 2013, 2011 and 2010 included 52 weeks; fiscal year 2012 included 53 weeks.
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 or unseasonable weather, possible outbreaks of epidemic or pandemic diseases and natural disasters;
• unstable political conditions, civil unrest, terrorist activities and armed conflicts;
• the possible inability of the Company’s manufacturers or transporters 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 Considerations” in reports, statements and information filed by the Company with the SEC from
time to time constitute cautionary statements identifying important factors that could cause actual amounts, results, events
and circumstances to differ materially from those expressed in or implied by such forward-looking statements.