MACY'S, INC. : Results of Operations and Financial Condition, Other Events, Financial Statements and Exhibits (form 8-K)
July 01, 2020 at 07:08 am EDT
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Item 2.02. Results of Operations and Financial Condition.
On July 1, 2020, Macy's, Inc. ("Macy's") issued a press release announcing
Macy's financial condition, results of operations and cash flows as of and
for the 13 weeks ended May 2, 2020. The full text of the press release is
attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Macy's reports its financial results in accordance with U.S. generally
accepted accounting principles ("GAAP"). The press release referred to
above contains non-GAAP financial measures of earnings (loss) before
interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA,
adjusted net income (loss) and adjusted diluted earnings (loss) per share.
Adjusted EBITDA, adjusted net income (loss) and adjusted diluted earnings
(loss) per share exclude impairment, restructuring and other costs. A
section has been included at the end of the press release that contains
important additional information regarding these non-GAAP financial
measures including reconciliation to the most directly comparable GAAP
financial measure.
Item 8.01. Other Events
As previously announced, in response to the COVID-19 pandemic, beginning
April 1, 2020 the base salaries of each of our named executive officers
(NEOs) were temporarily reduced by 20% and our Chief Executive Officer
(CEO) and the Board of Directors received no cash compensation.
The Compensation and Management Development (CMD) Committee and our Board
of Directors have approved restoring base salaries for our NEOs, including
our CEO, and reinstating our Board of Directors' cash compensation. All
actions are effective July 1, 2020.
The CMD Committee generally approves equity grants to management at its
March meeting and our Board of Directors receive annual equity grants
following the annual meeting of shareholders in May. Due to the impact of
the COVID-19 pandemic, the CMD Committee delayed approving equity grants to
management. Equity grants to the Board of Directors were also delayed. The
Company expects to make these equity grants in the next few weeks.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release of Macy's dated July 1, 2020 .
104 Cover Page Interactive Data File (embedded within the
Inline XBRL Document)
Macy's, Inc. is an omni-channel retail company. The Company operates stores, websites and mobile applications under three brands, Macy's, Bloomingdale's and Bluemercury, which sell a range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Puerto Rico and Guam. Its operations are conducted through Macy's, Macy's Backstage, Macy's small format, Bloomingdale's, Bloomingdale's The Outlet, Bloomie's, and Bluemercury. In addition, Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia. The principal private label brands offered by the Company include Alfani, And Now This, Aqua, Bar III, Belgique, Cerulean 6, Charter Club, Club Room, Epic Threads, Family PJ's, first impressions, Giani Bernini, Holiday Lane, Home Design, Hotel Collection, Hudson Park, Ideology, and others.
MACY'S, INC. 
