Macy's 2015 Annual Report Download - page 25

Download and view the complete annual report

Please find page 25 of the 2015 Macy's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 108

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

20
Adjusted EBITDA as a Percent to Net Sales
The following is a tabular reconciliation of the non-GAAP financial measure earnings before interest, taxes,
depreciation and amortization ("EBITDA"), as adjusted to exclude premium on early retirement of debt, impairments, store
closing and other costs and gain on sales of leases ("Adjusted EBITDA"), as a percent to net sales to GAAP net 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
Net income................................................................... $ 1,070 $ 1,526 $ 1,486 $ 1,335 $ 1,256
Net income as a percent to net sales ............................ 4.0% 5.4% 5.3% 4.8% 4.8%
Net income................................................................... $ 1,070 $ 1,526 $ 1,486 $ 1,335 $ 1,256
Add back interest expense - net ................................... 361 393 388 422 443
Add back premium on early retirement
of debt....................................................................... — 17 — 137 —
Add back federal, state and local income
tax expense ............................................................... 608 864 804 767 712
Add back (deduct) impairments, store
closing and other costs and gain on
sale of leases............................................................. 288 87 88 5 (25)
Add back depreciation and amortization ..................... 1,061 1,036 1,020 1,049 1,085
Adjusted EBITDA........................................................ $ 3,388 $ 3,923 $ 3,786 $ 3,715 $ 3,471
Adjusted EBITDA as a percent to net sales................. 12.5% 14.0% 13.6% 13.4% 13.1%