Macy's 2015 Annual Report Download - page 24

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19
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.
2015 2014 2013 2012 2011
(millions, except percentages)
Net sales............................................................................. $ 27,079 $ 28,105 $ 27,931 $ 27,686 $ 26,405
Operating income .............................................................. $ 2,039 $ 2,800 $ 2,678 $ 2,661 $ 2,411
Operating income as a percent to net sales........................ 7.5% 10.0% 9.6% 9.6% 9.1%
Operating income .............................................................. $ 2,039 $ 2,800 $ 2,678 $ 2,661 $ 2,411
Add back (deduct) impairments, store closing and
other costs and gain on sale of leases............................. 288 87 88 5 (25)
Operating income, excluding certain items ....................... $ 2,327 $ 2,887 $ 2,766 $ 2,666 $ 2,386
Operating income, excluding certain items, as a
percent to net sales......................................................... 8.6% 10.3% 9.9% 9.6% 9.0%
Diluted Earnings Per Share Attributable to Macy's, Inc. Shareholders, Excluding Certain Items
The following is a tabular reconciliation of the non-GAAP financial measure diluted earnings per share attributable
to Macy's, Inc. shareholders, excluding certain items, to GAAP diluted earnings per share attributable to Macy's, Inc.,
shareholders, which the Company believes to be the most directly comparable GAAP measure.
2015 2014 2013 2012 2011
Diluted earnings per share attributable to
Macy's, Inc. shareholders............................................... $ 3.22 $ 4.22 $ 3.86 $ 3.24 $ 2.92
Add back the impact of impairments, store closing
and other costs................................................................ 0.55 0.15 0.14 0.01 0.04
Add back the impact of premium on early
retirement of debt........................................................... — 0.03 — 0.21 —
Deduct the impact of gain on sale of leases ...................... ————(0.08)
Diluted earnings per share attributable to
Macy's, Inc. shareholders, excluding the impact
of impairments, store closing and other costs,
premium on early retirement of debt and gain
on sale of leases ............................................................. $ 3.77 $ 4.40 $ 4.00 $ 3.46 $ 2.88