(All amounts in millions except percentages and per share figures)
39 Weeks Ended
39 Weeks Ended
October 31, 2020
November 2, 2019
$
% to
$
% to
Net sales
Net sales
Net sales
$ 10,566
$ 16,223
Credit card revenues, net
494
4.7 %
531
3.3 %
Cost of sales
(7,788)
(73.7 %)
(9,905)
(61.1 %)
Selling, general and administrative expenses
(4,723)
(44.7 %)
(6,489)
(40.0 %)
Gains on sale of real estate
20
0.2 %
67
0.4 %
Impairment, restructuring and other costs
(3,445)
(32.6 %)
(16)
(0.1 %)
Operating income (loss)
(4,876)
(46.1 %)
411
2.5 %
Benefit plan income, net
37
23
Settlement charges
(65)
(12)
Interest expense, net
(196)
(143)
Financing costs
(4)
-
Income (loss) before income taxes
(5,104)
279
Federal, state and local income tax benefit (expense)
1,000
(55)
Net income (loss)
$ (4,104)
$
224
Basic earnings (loss) per share
$ (13.20)
$
0.72
Diluted earnings (loss) per share
$ (13.20)
$
0.72
Average common shares:
Basic
311.0
309.6
Diluted
311.0
311.3
End of period common shares outstanding
310.3
309.0
Supplemental Financial Measures:
Gross Margin
$
2,778
26.3 %
$
6,318
38.9 %
Depreciation and amortization expense
$
722
$
725
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Disclaimer
Macy's Inc. published this content on 19 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2020 13:54:02 UTC
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. 
