%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream /GS0 gs q 153.00 0 0 38.00 229.50 711.00 cm /I1 Do Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 14.00 Tf ET q 0 0 0 rg BT 118.15 694.20 Td (Macy) Tj ET Q q 0 0 0 rg BT 155.72 694.20 Td (s, Inc. Reports Fourth Quarter) Tj ET Q q 0 0 0 rg BT 339.78 694.20 Td ( and Fiscal 2019 Earnings) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 216.35 677.40 Td (and Reiterates 2020 Guidance) Tj ET Q BT /F3 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 85.00 649.80 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.00 649.80 Td (Annual comparable sales of ) Tj ET Q BT /F3 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 219.88 649.80 Td (\(0.8\)%) Tj ET Q BT /F3 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 250.12 649.80 Td ( on an owned basis; ) Tj ET Q BT /F3 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 340.87 649.80 Td (\(0.7\)%) Tj ET Q BT /F3 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 371.11 649.80 Td ( on an owned plus licensed basis) Tj ET Q BT /F3 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 85.00 636.65 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.00 636.65 Td (Annual Diluted EPS of ) Tj ET Q BT /F3 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 197.26 636.65 Td ($1.81) Tj ET Q BT /F3 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 222.01 636.65 Td ( and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 243.82 636.65 Td (Annual ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 278.14 636.65 Td (Adjusted Diluted EPS of ) Tj ET Q BT /F3 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 388.13 636.65 Td ($2.91) Tj ET Q BT /F3 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 412.88 636.65 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 85.00 623.40 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.00 623.40 Td (Str) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 106.43 623.40 Td (ong execution of Holiday 2019 with significant tr) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 322.64 623.40 Td (end impr) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 361.64 623.40 Td (ovement in sales fr) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 444.02 623.40 Td (om the thir) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 491.89 623.40 Td (d quarter) Tj ET Q BT /F3 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 85.00 610.20 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.00 610.20 Td (Enters 2020 with solid plan for transition year; r) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 309.32 610.20 Td (eiterates pr) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 359.32 610.20 Td (eviously pr) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 407.48 610.20 Td (ovided 2020 guidance ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 583.80 Td (NEW) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 82.85 583.80 Td ( ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 84.74 583.80 Td (YORK--February ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 165.17 583.80 Td (25, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 181.14 583.80 Td (2020-- ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 212.70 583.80 Td (Macy) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 240.80 583.80 Td (s, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 250.05 583.80 Td (Inc. ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 269.07 583.80 Td (\(NYSE: ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 306.74 583.80 Td (M\) ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 322.41 583.80 Td (today ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 349.08 583.80 Td (reported ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 387.95 583.80 Td (results ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 418.89 583.80 Td (for ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 433.94 583.80 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 449.61 583.80 Td (fourth ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 478.71 583.80 Td (quarter ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 512.09 583.80 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 530.19 583.80 Td (fiscal ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 570.60 Td (2019 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 82.75 570.60 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 101.38 570.60 Td (reiterated ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 145.66 570.60 Td (its ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 158.80 570.60 Td (previously ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 207.99 570.60 Td (provided ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 249.84 570.60 Td (annual ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 281.91 570.60 Td (sales ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 306.04 570.60 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 324.67 570.60 Td (earnings ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 364.69 570.60 Td (guidance ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 407.14 570.60 Td (for ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 422.72 570.60 Td (fiscal ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 449.29 570.60 Td (2020.) Tj ET Q BT /F2 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 544.25 Td (Financial ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 104.76 544.25 Td (Highlights) Tj ET Q 1 1 1 rg /GS0 gs 58.50 533.70 268.00 -14.00 re f /GS0 gs 0.6745098039215687 0.6745098039215687 0.6745098039215687 rg /GS0 gs 326.50 533.70 114.00 -14.00 re f /GS0 gs 0.6745098039215687 0.6745098039215687 0.6745098039215687 rg /GS0 gs 440.50 533.70 114.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 58.50 519.70 268.00 -14.00 re f /GS0 gs 0.6745098039215687 0.6745098039215687 0.6745098039215687 rg /GS0 gs 326.50 519.70 57.00 -14.00 re f /GS0 gs 0.6745098039215687 0.6745098039215687 0.6745098039215687 rg /GS0 gs 383.50 519.70 57.00 -14.00 re f /GS0 gs 0.6745098039215687 0.6745098039215687 0.6745098039215687 rg /GS0 gs 440.50 519.70 57.00 -14.00 re f /GS0 gs 0.6745098039215687 0.6745098039215687 0.6745098039215687 rg /GS0 gs 497.50 519.70 57.00 -14.00 re f /GS0 gs 0.8470588235294118 0.8470588235294118 0.8470588235294118 rg /GS0 gs 58.50 505.70 268.00 -15.00 re f /GS0 gs 0.8470588235294118 0.8470588235294118 0.8470588235294118 rg /GS0 gs 58.50 490.70 496.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 58.50 476.70 268.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 383.50 476.70 57.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 497.50 476.70 57.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 58.50 461.70 268.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 383.50 461.70 57.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 497.50 461.70 57.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 58.50 446.70 268.00 -14.00 re f /GS0 gs 0.8470588235294118 0.8470588235294118 0.8470588235294118 rg /GS0 gs 326.50 446.70 57.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 383.50 446.70 57.00 -14.00 re f /GS0 gs 0.8470588235294118 0.8470588235294118 0.8470588235294118 rg /GS0 gs 440.50 446.70 57.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 497.50 446.70 57.00 -14.00 re f /GS0 gs 0.8470588235294118 0.8470588235294118 0.8470588235294118 rg /GS0 gs 58.50 432.70 496.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 58.50 418.70 268.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 383.50 418.70 57.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 497.50 418.70 57.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 58.50 404.70 268.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 383.50 404.70 57.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 497.50 404.70 57.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 58.50 390.70 268.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 383.50 390.70 57.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 497.50 390.70 57.00 -15.00 re f /GS0 gs 0.8470588235294118 0.8470588235294118 0.8470588235294118 rg /GS0 gs 58.50 375.70 496.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 58.50 361.70 268.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 383.50 361.70 57.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 497.50 361.70 57.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 58.50 347.70 268.00 -24.00 re f /GS0 gs 1 1 1 rg /GS0 gs 383.50 347.70 57.00 -24.00 re f /GS0 gs 1 1 1 rg /GS0 gs 497.50 347.70 57.00 -24.00 re f /GS0 gs 1 1 1 rg /GS0 gs 58.50 323.70 268.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 383.50 323.70 57.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 497.50 323.70 57.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 533.7 m 58.5 519.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 533.7 m 326.5 519.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 533.7 m 326.5 533.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 533.7 m 326.5 519.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 533.7 m 383.5 533.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 533.7 m 440.5 519.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 533.7 m 440.5 533.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 533.7 m 440.5 519.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 533.7 m 497.5 533.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554.5 533.7 m 554.5 519.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 533.7 m 554.5 533.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 519.7 m 58.5 505.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 519.7 m 326.5 505.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 519.7 m 326.5 519.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 519.7 m 326.5 505.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 519.7 m 383.5 505.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 519.7 m 383.5 519.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 505.7 m 383.5 505.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 519.7 m 383.5 505.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 519.7 m 440.5 505.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 519.7 m 440.5 519.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 519.7 m 440.5 505.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 519.7 m 497.5 505.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 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j 3 M 58.5 476.7 m 326.5 476.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 476.7 m 326.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 476.7 m 383.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 476.7 m 383.5 476.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 461.7 m 383.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 476.7 m 383.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 476.7 m 440.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 476.7 m 440.5 476.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 461.7 m 440.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 476.7 m 440.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 476.7 m 497.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 476.7 m 497.5 476.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 461.7 m 497.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 476.7 m 497.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554.5 476.7 m 554.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 476.7 m 554.5 476.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 461.7 m 554.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 461.7 m 58.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 461.7 m 326.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 461.7 m 326.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 461.7 m 326.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 461.7 m 383.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 461.7 m 383.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 446.7 m 383.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 461.7 m 383.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 461.7 m 440.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 461.7 m 440.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 446.7 m 440.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 461.7 m 440.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 461.7 m 497.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 461.7 m 497.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 446.7 m 497.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 461.7 m 497.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554.5 461.7 m 554.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 461.7 m 554.5 461.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 446.7 m 554.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 446.7 m 58.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 446.7 m 326.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 446.7 m 326.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 432.7 m 326.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 446.7 m 326.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 446.7 m 383.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 432.7 m 383.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 446.7 m 383.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 446.7 m 440.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 446.7 m 440.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 432.7 m 440.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 446.7 m 440.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 446.7 m 497.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 432.7 m 497.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 446.7 m 497.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554.5 446.7 m 554.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 446.7 m 554.5 446.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 432.7 m 554.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 432.7 m 58.5 418.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 432.7 m 326.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 418.7 m 326.5 418.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 432.7 m 383.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 432.7 m 440.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 432.7 m 497.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554.5 432.7 m 554.5 418.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 432.7 m 554.5 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 418.7 m 58.5 404.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 418.7 m 326.5 418.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 418.7 m 326.5 404.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 418.7 m 383.5 404.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 418.7 m 383.5 418.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 404.7 m 383.5 404.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 418.7 m 440.5 418.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 404.7 m 440.5 404.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 418.7 m 440.5 404.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 418.7 m 497.5 404.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 418.7 m 497.5 418.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 404.7 m 497.5 404.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554.5 418.7 m 554.5 404.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 418.7 m 554.5 418.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 404.7 m 554.5 404.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 404.7 m 58.5 390.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 404.7 m 326.5 404.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 404.7 m 326.5 390.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 404.7 m 383.5 390.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 404.7 m 383.5 404.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 390.7 m 383.5 390.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 404.7 m 440.5 404.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 390.7 m 440.5 390.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 404.7 m 440.5 390.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 404.7 m 497.5 390.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 404.7 m 497.5 404.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 390.7 m 497.5 390.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554.5 404.7 m 554.5 390.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 404.7 m 554.5 404.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 390.7 m 554.5 390.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 390.7 m 58.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 390.7 m 326.5 390.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 390.7 m 326.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 390.7 m 383.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 390.7 m 383.5 390.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 375.7 m 383.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 390.7 m 383.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 390.7 m 440.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 390.7 m 440.5 390.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 375.7 m 440.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 390.7 m 440.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 390.7 m 497.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 390.7 m 497.5 390.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 375.7 m 497.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 390.7 m 497.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554.5 390.7 m 554.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 390.7 m 554.5 390.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 375.7 m 554.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 375.7 m 58.5 361.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 375.7 m 326.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 361.7 m 326.5 361.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 375.7 m 383.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 361.7 m 383.5 361.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 375.7 m 440.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 361.7 m 440.5 361.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 375.7 m 497.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 361.7 m 497.5 361.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554.5 375.7 m 554.5 361.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 375.7 m 554.5 375.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 361.7 m 554.5 361.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 361.7 m 58.5 347.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 361.7 m 326.5 361.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 361.7 m 326.5 347.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 361.7 m 383.5 347.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 361.7 m 383.5 361.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 347.7 m 383.5 347.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 361.7 m 440.5 361.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 361.7 m 440.5 347.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 361.7 m 497.5 347.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 361.7 m 497.5 361.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 347.7 m 497.5 347.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554.5 361.7 m 554.5 347.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 361.7 m 554.5 361.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 347.7 m 554.5 347.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 347.7 m 58.5 323.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 347.7 m 326.5 347.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 323.7 m 326.5 323.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 347.7 m 326.5 323.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 347.7 m 383.5 323.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 347.7 m 383.5 347.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 323.7 m 383.5 323.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 347.7 m 440.5 347.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 323.7 m 440.5 323.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 347.7 m 440.5 323.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 347.7 m 497.5 323.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 347.7 m 497.5 347.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 323.7 m 497.5 323.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554.5 347.7 m 554.5 323.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 347.7 m 554.5 347.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 323.7 m 554.5 323.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 323.7 m 58.5 308.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 323.7 m 326.5 323.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 308.7 m 326.5 308.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 323.7 m 326.5 308.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 323.7 m 383.5 308.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 323.7 m 383.5 323.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 308.7 m 383.5 308.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 308.7 m 440.5 308.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 323.7 m 440.5 308.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 323.7 m 497.5 308.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 323.7 m 497.5 323.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 308.7 m 497.5 308.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554.5 323.7 m 554.5 308.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 323.7 m 554.5 323.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 308.7 m 554.5 308.7 l s BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 347.65 524.09 Td (Fourth Quarter) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 476.40 524.09 Td (Full ) Tj ET Q q 0 0 0 rg BT 496.92 524.09 Td (Y) Tj ET Q q 0 0 0 rg BT 503.73 524.09 Td (ear) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 510.15 Td (\(All amounts in millions except per) Tj ET Q q 0 0 0 rg BT 186.89 510.15 Td (centages and per shar) Tj ET Q q 0 0 0 rg BT 266.30 510.15 Td (e figur) Tj ET Q q 0 0 0 rg BT 289.71 510.15 Td (es\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 344.00 510.09 Td (2019) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.00 510.09 Td (2018) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 458.00 510.09 Td (2019) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 515.00 510.09 Td (2018) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 61.00 495.49 Td (Net sales) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 329.00 495.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 347.10 495.47 Td (8,337) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 386.00 495.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.60 495.47 Td (8,455) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 495.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.85 495.47 Td (24,560) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.00 495.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.35 495.47 Td (24,971) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 61.00 481.09 Td (Comparable sales) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 61.00 466.47 Td (Owned) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 354.10 466.47 Td (\(0.6) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 370.75 466.47 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 418.10 466.47 Td (0.4) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 431.25 466.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 468.10 466.47 Td (\(0.8) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 484.75 466.47 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 532.10 466.47 Td (1.7) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 545.25 466.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 61.00 451.47 Td (Owned plus licensed) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 354.10 451.47 Td (\(0.5) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 370.75 451.47 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 418.10 451.47 Td (0.7) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 431.25 451.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 468.10 451.47 Td (\(0.7) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 484.75 451.47 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 532.10 451.47 Td (2.0) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 545.25 451.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 61.00 436.92 Td (53) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 71.50 441.68 Td (rd) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 77.18 436.92 Td ( week shifted calendar \(owned plus licensed\)*) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 418.10 436.92 Td (2.0) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 431.25 436.92 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 532.10 436.92 Td (2.4) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 545.25 436.92 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 61.00 408.92 Td (Net income attributable to Macy) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 200.67 408.92 Td (s, Inc. shareholders) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 329.00 408.92 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.00 408.92 Td (340) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.00 408.92 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.50 408.92 Td (740) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 408.92 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.00 408.92 Td (564) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.00 408.92 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.60 408.92 Td (1,108) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 61.00 394.92 Td (Earnings before interest, taxes, depreciation and amortization) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 329.00 394.92 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.00 394.92 Td (777) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.00 394.92 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.60 394.92 Td (1,287) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 394.92 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.10 394.92 Td (1,924) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.00 394.92 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.60 394.92 Td (2,661) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 61.00 380.47 Td (Diluted earnings per share) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 329.00 380.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.35 380.47 Td (1.09) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.00 380.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.85 380.47 Td (2.37) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 380.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 380.47 Td (1.81) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.00 380.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.85 380.47 Td (3.56) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 61.00 351.92 Td (Adjusted Net income attributable to Macy) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 241.21 351.92 Td (s, Inc. shareholders) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 329.00 351.92 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.00 351.92 Td (661) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.00 351.92 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.50 351.92 Td (850) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 351.92 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.00 351.92 Td (906) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.00 351.92 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.60 351.92 Td (1,301) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 61.00 337.92 Td (Adjusted Earnings before interest, taxes, depreciation and) Tj ET Q BT /F1 10.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 61.00 327.42 Td (amortization) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 329.00 328.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.10 328.47 Td (1,160) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.00 328.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.60 328.47 Td (1,399) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 328.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.10 328.47 Td (2,336) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.00 328.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.60 328.47 Td (2,877) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 61.00 313.47 Td (Adjusted Diluted earnings per share) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 329.00 313.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.35 313.47 Td (2.12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.00 313.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.85 313.47 Td (2.73) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 313.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 313.47 Td (2.91) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.00 313.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.85 313.47 Td (4.18) Tj ET Q BT /F1 10.00 Tf ET BT /F1 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 300.20 Td (*Comparable sales adjusted for the impact of the 53) Tj ET Q BT /F1 7.50 Tf ET BT /F1 4.87 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 214.21 303.60 Td (rd) Tj ET Q BT /F1 7.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 218.27 300.20 Td ( week reflect a shift of the company's 2017 calendar to align with 2018 on a like-for) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 469.81 300.20 Td (-like basis.) Tj ET Q BT /F1 7.50 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 291.20 Td (Note: ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 76.13 291.20 Td (Adjusted metrics reflect the exclusion of certain items from the respective financial measures.) Tj ET Q BT /F1 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 357.90 291.20 Td ( Please see the final pages of this news release for important ) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 58.00 282.20 Td (information regarding the nature of such excluded amounts and calculation of the company) Tj ET Q q 0 0 0 rg BT 333.75 282.20 Td (s non-GAAP) Tj ET Q q 0 0 0 rg BT 372.44 282.20 Td ( financial measures.) Tj ET Q BT /F1 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 255.80 Td () Tj ET Q BT /F1 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 62.88 255.80 Td (T) Tj ET Q q 0 0 0 rg BT 68.83 255.80 Td (a) Tj ET Q BT /F1 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 73.72 255.80 Td (ken ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 92.52 255.80 Td (as ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 104.60 255.80 Td (a ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 112.41 255.80 Td (whole, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 144.96 255.80 Td (2019 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 169.89 255.80 Td (did ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 186.86 255.80 Td (not ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 203.84 255.80 Td (play ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 225.70 255.80 Td (out ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 242.68 255.80 Td (as ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 254.76 255.80 Td (we ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 270.51 255.80 Td (intended ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 311.31 255.80 Td (for ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 327.06 255.80 Td (Macy's, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 364.04 255.80 Td (Inc. ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 383.76 255.80 Td (However) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 423.63 255.80 Td (, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 429.30 255.80 Td (we ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 445.05 255.80 Td (executed ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 487.06 255.80 Td (well ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 508.92 255.80 Td (during ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 540.56 255.80 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 242.60 Td (Holiday ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 96.49 242.60 Td (2019 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 121.54 242.60 Td (season.) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 156.16 242.60 Td (W) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 165.67 242.60 Td (e ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 173.60 242.60 Td (were ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 198.02 242.60 Td (pleased ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 234.05 242.60 Td (with ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 256.66 242.60 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 273.15 242.60 Td (significant ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 322.63 242.60 Td (trend ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 348.28 242.60 Td (improvement ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 409.98 242.60 Td (in ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 421.59 242.60 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 438.07 242.60 Td (fourth ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 468.00 242.60 Td (quarter) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 498.71 242.60 Td (, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 504.51 242.60 Td (including ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 549.11 242.60 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 229.45 Td (meaningful ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 110.03 229.45 Td (sales ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 133.35 229.45 Td (uptick ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 162.78 229.45 Td (in ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 173.27 229.45 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 188.64 229.45 Td (10 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 201.58 229.45 Td (shopping ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 243.85 229.45 Td (days ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 265.95 229.45 Td (before ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 295.97 229.45 Td (Christmas. ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 345.13 229.45 Td (T) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 351.08 229.45 Td (ogether ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 386.00 229.45 Td (with ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 407.49 229.45 Td (disciplined ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 457.70 229.45 Td (expense ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 495.06 229.45 Td (management, ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 216.20 Td (our ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 74.06 216.20 Td (solid ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 96.84 216.20 Td (sales ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 119.62 216.20 Td (results ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 149.73 216.20 Td (in ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 159.68 216.20 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 174.51 216.20 Td (fourth ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 202.78 216.20 Td (quarter ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 235.32 216.20 Td (allowed ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 271.54 216.20 Td (us ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 282.71 216.20 Td (to ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 292.66 216.20 Td (deliver ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 324.59 216.20 Td (stronger) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 360.42 216.20 Td (-than-expected ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 427.16 216.20 Td (earnings ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 465.82 216.20 Td (results.Importantly) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 551.25 216.20 Td (, ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 203.00 Td (we ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 74.08 203.00 Td (exited ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 104.22 203.00 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 120.92 203.00 Td (year ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 143.10 203.00 Td (with ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 165.91 203.00 Td (a ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 174.05 203.00 Td (clean ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 200.52 203.00 Td (inventory ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 245.93 203.00 Td (position, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 292.27 203.00 Td (said ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 313.25 203.00 Td (Jef) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 325.88 203.00 Td (f ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 332.80 203.00 Td (Gennette, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 378.51 203.00 Td (chairman ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 422.69 203.00 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 441.83 203.00 Td (chief ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 467.07 203.00 Td (executive ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 512.47 203.00 Td (of) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 521.43 203.00 Td (ficer ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 544.84 203.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 189.80 Td (Macy) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 86.10 189.80 Td (s, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 95.88 189.80 Td (Inc.) Tj ET Q BT /F2 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 163.40 Td (2019 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 82.14 163.40 Td (Asset ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 109.94 163.40 Td (Sale ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 132.25 163.40 Td (Gains) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 138.20 Td (Asset ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 85.31 138.20 Td (sale ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 105.28 138.20 Td (gains ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 131.37 138.20 Td (for ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 147.07 138.20 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 163.38 138.20 Td (fourth ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 193.13 138.20 Td (quarter ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 227.15 138.20 Td (of ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 239.18 138.20 Td (2019 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 264.05 138.20 Td (totaled ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 296.85 138.20 Td ($95 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 316.22 138.20 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 348.00 138.20 Td ( ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 350.87 138.20 Td (pre-tax, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 387.64 138.20 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 399.67 138.20 Td ($71 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 419.04 138.20 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 450.82 138.20 Td ( ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 453.69 138.20 Td (after) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 473.62 138.20 Td (-tax ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 493.59 138.20 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 512.34 138.20 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 517.84 138.20 Td (0.23) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 537.09 138.20 Td ( ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 539.96 138.20 Td (per ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 125.00 Td (diluted ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 90.87 125.00 Td (share ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 116.41 125.00 Td (attributable ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 168.82 125.00 Td (to ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 179.70 125.00 Td (Macy's, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 216.08 125.00 Td (Inc. ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 235.03 125.00 Td (This ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 256.91 125.00 Td (compares ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 301.38 125.00 Td (to ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 312.26 125.00 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 328.02 125.00 Td (fourth ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 357.23 125.00 Td (quarter ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 390.70 125.00 Td (of ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 402.18 125.00 Td (2018, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 429.26 125.00 Td (when ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 455.41 125.00 Td (asset ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 479.11 125.00 Td (sale ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 498.54 125.00 Td (gains ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 524.08 125.00 Td (totaled ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 111.80 Td ($278 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 82.75 111.80 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 114.53 111.80 Td ( ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 117.28 111.80 Td (pre-tax, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 153.93 111.80 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 165.84 111.80 Td ($204 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 190.59 111.80 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 222.37 111.80 Td ( ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 225.12 111.80 Td (after) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 245.05 111.80 Td (-tax ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 264.90 111.80 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 283.53 111.80 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 289.03 111.80 Td (0.65) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 308.28 111.80 Td ( ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 311.03 111.80 Td (per ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 327.83 111.80 Td (diluted ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 361.13 111.80 Td (share ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 387.09 111.80 Td (attributable ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 439.93 111.80 Td (to ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 451.23 111.80 Td (Macy's, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 488.04 111.80 Td (Inc. ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 85.40 Td (Asset ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 85.03 85.40 Td (sale ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 104.72 85.40 Td (gains ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 130.53 85.40 Td (for ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 145.94 85.40 Td (fiscal ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 172.35 85.40 Td (2019 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 196.94 85.40 Td (totaled ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 229.46 85.40 Td ($162 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 254.04 85.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 285.82 85.40 Td ( ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 288.41 85.40 Td (pre-tax, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 324.90 85.40 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 336.65 85.40 Td ($120 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 361.23 85.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 393.02 85.40 Td ( ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 395.60 85.40 Td (after) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 415.53 85.40 Td (-tax ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 435.22 85.40 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 453.69 85.40 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 459.19 85.40 Td (0.38) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 478.44 85.40 Td ( ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 481.03 85.40 Td (per ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 497.66 85.40 Td (diluted ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 530.80 85.40 Td (share ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 72.20 Td (attributable ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 111.36 72.20 Td (to ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 123.19 72.20 Td (Macy's, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 160.52 72.20 Td (Inc. ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 180.35 72.20 Td (This ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 203.18 72.20 Td (compares ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 248.59 72.20 Td (to ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 260.42 72.20 Td (fiscal ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 287.51 72.20 Td (2018, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 315.53 72.20 Td (when ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 342.63 72.20 Td (asset ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 367.28 72.20 Td (sale ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 387.66 72.20 Td (gains ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 414.15 72.20 Td (totaled ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 447.35 72.20 Td ($389 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 472.62 72.20 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 504.40 72.20 Td ( ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 507.67 72.20 Td (pre-tax, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 544.84 72.20 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 59.00 Td ($287 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 82.75 59.00 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 114.53 59.00 Td ( ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 117.28 59.00 Td (after) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 137.21 59.00 Td (-tax ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 157.06 59.00 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 175.69 59.00 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 181.19 59.00 Td (0.92) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 200.44 59.00 Td ( ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 203.19 59.00 Td (per ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 219.99 59.00 Td (diluted ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 253.29 59.00 Td (share ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 279.25 59.00 Td (attributable ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 332.09 59.00 Td (to ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 343.39 59.00 Td (Macy's, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 380.20 59.00 Td (Inc.) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 557.00 772.60 Td (2) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 58.00 728.40 Td (Polaris ) Tj ET Q q 0 0 0 rg BT 93.74 728.40 Td (Strategy) Tj ET Q BT /F1 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 703.20 Td (On ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 73.15 703.20 Td (February ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 114.55 703.20 Td (4, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 124.51 703.20 Td (2020, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 150.96 703.20 Td (Macy) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 179.06 703.20 Td (s, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 187.79 703.20 Td (Inc. ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 206.29 703.20 Td (announced ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 255.64 703.20 Td (its ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 267.73 703.20 Td (Polaris ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 299.99 703.20 Td (strategy) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 334.09 703.20 Td (, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 338.54 703.20 Td (a ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 345.13 703.20 Td (three-year ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 391.40 703.20 Td (plan ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 412.04 703.20 Td (designed ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 452.85 703.20 Td (to ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 463.10 703.20 Td (stabilize ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 501.46 703.20 Td (profitability ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 690.00 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 76.63 690.00 Td (position ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 114.83 690.00 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 131.02 690.00 Td (company ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 174.09 690.00 Td (for ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 189.67 690.00 Td (sustainable, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 244.04 690.00 Td (profitable ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 289.55 690.00 Td (growth. ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 663.60 Td (W) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 72.38 663.60 Td (e ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 79.83 663.60 Td (have ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 103.16 663.60 Td (a ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 110.61 663.60 Td (clear ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 134.54 663.60 Td (perspective ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 187.19 663.60 Td (of ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 198.92 663.60 Td (where ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 228.35 663.60 Td (Macy) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 256.46 663.60 Td (s, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 266.05 663.60 Td (Inc. ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 285.41 663.60 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 303.86 663.60 Td (our ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 321.09 663.60 Td (brands ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 352.98 663.60 Td (- ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 359.21 663.60 Td (Macy) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 387.31 663.60 Td (s, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 396.90 663.60 Td (Bloomingdale's, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 470.81 663.60 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 489.25 663.60 Td (Bluemercury-- ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 650.40 Td (fit ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 70.81 650.40 Td (into ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 90.29 650.40 Td (American ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 136.70 650.40 Td (retail ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 162.33 650.40 Td (today) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 186.05 650.40 Td (. ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 191.62 650.40 Td (W) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 201.12 650.40 Td (e ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 209.04 650.40 Td (know ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 236.52 650.40 Td (2020 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 261.56 650.40 Td (will ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 281.71 650.40 Td (be ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 295.13 650.40 Td (a ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 303.05 650.40 Td (transition ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 347.64 650.40 Td (year ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 369.61 650.40 Td (as ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 381.81 650.40 Td (we ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 397.67 650.40 Td (make ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 424.53 650.40 Td (significant ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 474.00 650.40 Td (structural ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 518.58 650.40 Td (changes ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 637.20 Td (to ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 68.50 637.20 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 83.89 637.20 Td (business. ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 125.86 637.20 Td (I ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 131.47 637.20 Td (am ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 146.86 637.20 Td (confident ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 190.34 637.20 Td (that ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 208.78 637.20 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 224.17 637.20 Td (Polaris ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 256.67 637.20 Td (strategy ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 293.44 637.20 Td (we ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 308.21 637.20 Td (shared ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 338.86 637.20 Td (earlier ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 368.89 637.20 Td (this ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 386.73 637.20 Td (month ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 416.79 637.20 Td (will ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 435.85 637.20 Td (allow ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 462.23 637.20 Td (us ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 473.96 637.20 Td (to ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 484.46 637.20 Td (stabilize ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 523.06 637.20 Td (mar) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 539.96 637.20 Td (gin ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 624.00 Td (in ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 69.31 624.00 Td (2020 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.06 624.00 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 112.69 624.00 Td (position ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 150.89 624.00 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 167.08 624.00 Td (company ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 210.15 624.00 Td (for ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 225.72 624.00 Td (healthy ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 260.85 624.00 Td (growth, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 302.40 624.00 Td (continued ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 348.52 624.00 Td (Gennette. ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 597.60 Td (The ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 77.85 597.60 Td (five ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 97.70 597.60 Td (major ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 126.11 597.60 Td (components ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 182.02 597.60 Td (of ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 193.93 597.60 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 210.12 597.60 Td (Polaris ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 243.43 597.60 Td (strategy ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 281.00 597.60 Td (are:) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 76.00 584.40 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.00 584.40 Td (Str) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 108.46 584.40 Td (engthen ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 150.88 584.40 Td (Customer) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 197.11 584.40 Td ( ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 202.24 584.40 Td (Relationships) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 265.82 584.40 Td (: ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 274.00 584.40 Td (Build ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 303.58 584.40 Td (customer ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 349.04 584.40 Td (lifetime ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 388.38 584.40 Td (value, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 420.08 584.40 Td (expand ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 456.98 584.40 Td (Star ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 479.83 584.40 Td (Rewards ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 523.45 584.40 Td (loyalty ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.00 571.20 Td (program ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 133.41 571.20 Td (with ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 155.10 571.20 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 170.68 571.20 Td (launch ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 202.14 571.20 Td (of ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 213.45 571.20 Td (Loyalty ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 249.80 571.20 Td (3.0 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 265.69 571.20 Td (in ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 276.39 571.20 Td (early ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 300.51 571.20 Td (February ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 342.36 571.20 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 360.38 571.20 Td (accelerate ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 406.48 571.20 Td (personalization ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 475.82 571.20 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 493.84 571.20 Td (monetization.) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 76.00 558.00 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.00 558.00 Td (Curate ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 130.39 558.00 Td (Quality ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 169.25 558.00 Td (Fashion) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 206.54 558.00 Td (: ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 213.00 558.00 Td (Drive ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 241.45 558.00 Td (disciplined ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 293.12 558.00 Td (merchandise ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 352.11 558.00 Td (category ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 393.38 558.00 Td (roles, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 420.92 558.00 Td (be ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 434.70 558.00 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 451.54 558.00 Td (best ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 472.67 558.00 Td (destination ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 524.34 558.00 Td (for ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 540.57 558.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.00 544.80 Td (best ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 114.47 544.80 Td (brands ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 146.55 544.80 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 165.18 544.80 Td (balance ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 201.51 544.80 Td (sales ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 225.65 544.80 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 244.28 544.80 Td (mar) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 261.18 544.80 Td (gin.) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 76.00 531.60 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.00 531.60 Td (Accelerate ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 147.16 531.60 Td (Digital ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 182.64 531.60 Td (Gr) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 195.88 531.60 Td (owth) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 219.11 531.60 Td (: ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 225.87 531.60 Td (Enhance ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 267.44 531.60 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 284.59 531.60 Td (digital ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 316.40 531.60 Td (experience ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 367.74 531.60 Td (across ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 398.93 531.60 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 416.08 531.60 Td (Macy) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 444.18 531.60 Td (s ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 452.17 531.60 Td (website ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 489.47 531.60 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 509.06 531.60 Td (app, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 531.40 531.60 Td (grow ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.00 518.40 Td (omni-channel ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 157.23 518.40 Td (customer ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 200.30 518.40 Td (baseand ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 241.23 518.40 Td (improve ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 280.63 518.40 Td (profitability) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 332.47 518.40 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 76.00 505.20 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.00 505.20 Td (Optimize ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 140.76 505.20 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 158.81 505.20 Td (Stor) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 178.77 505.20 Td (e ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 187.04 505.20 Td (Portfolio) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 228.58 505.20 Td (: ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 235.02 505.20 Td (Continue ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 278.74 505.20 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 295.56 505.20 Td (Growth ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 332.56 505.20 Td (treatment ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 377.48 505.20 Td (for ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 393.69 505.20 Td (stores ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 422.74 505.20 Td (in ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 434.68 505.20 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 451.50 505.20 Td (best ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 472.61 505.20 Td (malls, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 502.57 505.20 Td (expand ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 537.72 505.20 Td (of) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 546.69 505.20 Td (f-) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.00 492.00 Td (mall ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 116.39 492.00 Td (profitably) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 159.05 492.00 Td (, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 164.64 492.00 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 183.36 492.00 Td (test ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 201.48 492.00 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 220.20 492.00 Td (prove ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 248.08 492.00 Td (a ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 255.80 492.00 Td (retail ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 281.24 492.00 Td (ecosystem ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 329.90 492.00 Td (model ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 360.23 492.00 Td (with ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 382.63 492.00 Td (a ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 390.35 492.00 Td (mix ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 410.30 492.00 Td (of ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 422.30 492.00 Td (Macy) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 450.40 492.00 Td (s ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 457.52 492.00 Td (store ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 481.74 492.00 Td (formats ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 518.18 492.00 Td (within ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 549.13 492.00 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.00 478.80 Td (geographic ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 145.62 478.80 Td (market.) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 76.00 465.60 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.00 465.60 Td (Reset ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 121.87 465.60 Td (Cost ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 145.48 465.60 Td (Base) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 167.48 465.60 Td (: ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 172.75 465.60 Td (Right-size ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 220.18 465.60 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 235.84 465.60 Td (or) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 244.80 465.60 Td (ganization ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 292.84 465.60 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 310.94 465.60 Td (expense ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 348.58 465.60 Td (base, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 373.10 465.60 Td (improve ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 411.97 465.60 Td (working ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 450.86 465.60 Td (capital ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 482.39 465.60 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 500.49 465.60 Td (balance ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 536.29 465.60 Td (top-) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 94.00 452.40 Td (line ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 113.24 452.40 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 131.88 452.40 Td (bottom-line ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 185.95 452.40 Td (growth.) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 426.00 Td (The ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 77.16 426.00 Td (company ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 119.53 426.00 Td (is ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 128.92 426.00 Td (updating ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 169.47 426.00 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 184.97 426.00 Td (estimated ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 229.17 426.00 Td (total ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 250.78 426.00 Td (costs ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 274.83 426.00 Td (related ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 306.81 426.00 Td (to ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 317.42 426.00 Td (Polaris ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 350.03 426.00 Td (toapproximately ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 426.93 426.00 Td ($400 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 450.98 426.00 Td (million ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 484.82 426.00 Td (to ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 495.43 426.00 Td ($420 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 519.48 426.00 Td (million. ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 412.80 Td (In ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 70.64 412.80 Td (2019, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 98.86 412.80 Td (the ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 115.77 412.80 Td (company ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 159.56 412.80 Td (recognized ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 211.28 412.80 Td (Polaris-related ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 278.90 412.80 Td (costs ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 304.37 412.80 Td (of ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 317.01 412.80 Td (approximately ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 384.01 412.80 Td ($318 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 409.49 412.80 Td (million, ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 447.49 412.80 Td (of ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 460.13 412.80 Td (which ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 490.48 412.80 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 399.60 Td ($161 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 83.53 399.60 Td (million ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 118.85 399.60 Td (were ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 143.75 399.60 Td (non-cash ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 187.00 399.60 Td (impairment ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 241.24 399.60 Td (char) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 259.97 399.60 Td (ges ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 278.17 399.60 Td (associated ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 326.90 399.60 Td (with ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 349.99 399.60 Td (store ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 374.91 399.60 Td (closures ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 414.49 399.60 Td (and ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 433.91 399.60 Td (campus ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 471.04 399.60 Td (consolidations ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 538.13 399.60 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 386.40 Td ($157 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 83.41 386.40 Td (million ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 118.60 386.40 Td (were ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 143.38 386.40 Td (cashcosts ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 191.09 386.40 Td (related ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 224.42 386.40 Td (to ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 236.39 386.40 Td (restructuring ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 296.00 386.40 Td (activities. ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 341.63 386.40 Td (The ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 362.14 386.40 Td (remaining ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 410.15 386.40 Td (costs ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 435.56 386.40 Td (to ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 447.52 386.40 Td (be ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 461.32 386.40 Td (recorded ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 503.20 386.40 Td (in ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 515.17 386.40 Td (2020 ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 540.58 386.40 Td (are ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 373.20 Td (expected ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 99.84 373.20 Td (to ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 111.14 373.20 Td (be ) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 124.27 373.20 Td (cash.) Tj ET Q BT /F2 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 58.00 348.00 Td (2020 Guidance) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 328.85 Td (Macy's, ) Tj ET Q q 0 0 0 rg BT 94.81 328.85 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 114.35 328.85 Td (is ) Tj ET Q q 0 0 0 rg BT 124.44 328.85 Td (reiterating ) Tj ET Q q 0 0 0 rg BT 172.39 328.85 Td (its ) Tj ET Q q 0 0 0 rg BT 185.53 328.85 Td (previously ) Tj ET Q q 0 0 0 rg BT 234.72 328.85 Td (provided ) Tj ET Q q 0 0 0 rg BT 276.57 328.85 Td (annual ) Tj ET Q q 0 0 0 rg BT 308.64 328.85 Td (guidance ) Tj ET Q q 0 0 0 rg BT 351.10 328.85 Td (for ) Tj ET Q q 0 0 0 rg BT 366.67 328.85 Td (2020. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 318.35 m 100.5 304.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 318.35 m 384.5 304.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 318.35 m 384.5 318.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 304.35 m 384.5 304.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 318.35 m 384.5 304.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 318.35 m 510.5 304.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 318.35 m 510.5 318.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 304.35 m 510.5 304.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 304.35 m 100.5 289.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 304.35 m 384.5 289.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 304.35 m 384.5 304.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 289.35 m 384.5 289.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 304.35 m 384.5 289.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 304.35 m 510.5 289.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 304.35 m 510.5 304.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 289.35 m 510.5 289.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 289.35 m 100.5 275.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 289.35 m 510.5 275.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 275.35 m 100.5 238.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 275.35 m 384.5 238.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 275.35 m 384.5 275.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 238.35000000000002 m 384.5 238.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 275.35 m 384.5 238.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 275.35 m 510.5 238.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 275.35 m 510.5 275.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 238.35000000000002 m 510.5 238.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 238.35000000000002 m 100.5 223.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 238.35000000000002 m 384.5 223.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 238.35000000000002 m 384.5 238.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 223.35000000000002 m 384.5 223.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 238.35000000000002 m 384.5 223.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 238.35000000000002 m 510.5 223.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 238.35000000000002 m 510.5 238.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 223.35000000000002 m 510.5 223.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 223.35000000000002 m 100.5 208.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 223.35000000000002 m 384.5 208.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 223.35000000000002 m 384.5 223.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 208.35000000000002 m 384.5 208.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 223.35000000000002 m 384.5 208.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 223.35000000000002 m 510.5 208.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 223.35000000000002 m 510.5 223.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 208.35000000000002 m 510.5 208.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 208.35000000000002 m 100.5 194.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 208.35000000000002 m 384.5 194.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 208.35000000000002 m 384.5 208.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 194.35000000000002 m 384.5 194.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 208.35000000000002 m 384.5 194.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 208.35000000000002 m 510.5 194.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 208.35000000000002 m 510.5 208.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 194.35000000000002 m 510.5 194.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 194.35000000000002 m 100.5 169.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 194.35000000000002 m 384.5 169.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 194.35000000000002 m 384.5 194.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 169.35000000000002 m 384.5 169.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 194.35000000000002 m 384.5 169.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 194.35000000000002 m 510.5 169.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 194.35000000000002 m 510.5 194.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 169.35000000000002 m 510.5 169.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 169.35000000000002 m 100.5 155.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 169.35000000000002 m 384.5 155.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 169.35000000000002 m 384.5 169.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100.5 155.35000000000002 m 384.5 155.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 169.35000000000002 m 384.5 155.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 169.35000000000002 m 510.5 155.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 169.35000000000002 m 510.5 169.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 155.35000000000002 m 510.5 155.35000000000002 l s BT /F2 11.00 Tf ET q 0 0 0 rg BT 387.00 308.40 Td (Fiscal 2020) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.00 294.25 Td (Net Sales) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 387.00 294.22 Td ($23.6B to $23.9B) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.00 279.40 Td (Comparable Sales) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.00 243.27 Td (Owned) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 387.00 265.22 Td (Approximately 40 basis) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 387.00 254.22 Td (points better than owned) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 387.00 243.22 Td (plus licensed) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.00 228.22 Td (Owned plus licensed) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 387.00 228.22 Td (\(2.5\)% to \(1.5\)%) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.00 213.25 Td (Adjusted diluted earnings per) Tj ET Q q 0 0 0 rg BT 243.17 213.25 Td ( shar) Tj ET Q q 0 0 0 rg BT 266.50 213.25 Td (e) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 387.00 213.22 Td ($2.45 to $2.65) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.00 198.40 Td (Asset sale gains) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 387.00 198.22 Td (Approximately $100M) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.00 184.40 Td (Adjusted diluted earnings per) Tj ET Q q 0 0 0 rg BT 243.17 184.40 Td ( shar) Tj ET Q q 0 0 0 rg BT 266.50 184.40 Td (e, excluding asset sale) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.00 173.40 Td (gains) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 387.00 174.27 Td ($2.20 to $2.40) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.00 159.40 Td (Annual tax rate) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 387.00 159.22 Td (23.25%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 125.25 Td (Complete guidance can be found in the presentation posted on the company) Tj ET Q q 0 0 0 rg BT 394.32 125.25 Td (s investor relations website ) Tj ET Q BT /F1 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 516.52 125.25 Td (at ) Tj ET Q BT /F1 11.00 Tf ET q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 58.00 112.05 Td (www) Tj ET Q q 0.10588235294117647 0.10588235294117647 0.10588235294117647 rg BT 81.12 112.05 Td (.macysinc.com/investors.) Tj ET Q BT /F1 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 58.00 85.65 Td (NOTE: ) Tj ET Q q 0 0 0 rg BT 92.36 85.65 Td (Additional ) Tj ET Q q 0 0 0 rg BT 141.94 85.65 Td (information ) Tj ET Q q 0 0 0 rg BT 196.41 85.65 Td (on ) Tj ET Q q 0 0 0 rg BT 209.95 85.65 Td (Macy) Tj ET Q q 0 0 0 rg BT 238.05 85.65 Td (s, ) Tj ET Q q 0 0 0 rg BT 247.61 85.65 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 269.70 85.65 Td (including ) Tj ET Q q 0 0 0 rg BT 313.78 85.65 Td (past ) Tj ET Q q 0 0 0 rg BT 334.04 85.65 Td (news ) Tj ET Q q 0 0 0 rg BT 359.18 85.65 Td (releases, ) Tj ET Q q 0 0 0 rg BT 399.27 85.65 Td (is ) Tj ET Q q 0 0 0 rg BT 409.15 85.65 Td (available ) Tj ET Q q 0 0 0 rg BT 451.38 85.65 Td (at ) Tj ET Q q 0 0 0 rg BT 461.85 85.65 Td (www) Tj ET Q q 0 0 0 rg BT 484.97 85.65 Td (.macysinc.com/) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 72.45 Td (pressroom. ) Tj ET Q q 0 0 0 rg BT 109.63 72.45 Td (The ) Tj ET Q q 0 0 0 rg BT 130.03 72.45 Td (company ) Tj ET Q q 0 0 0 rg BT 173.64 72.45 Td (will ) Tj ET Q q 0 0 0 rg BT 194.05 72.45 Td (webcast ) Tj ET Q q 0 0 0 rg BT 232.77 72.45 Td (a ) Tj ET Q q 0 0 0 rg BT 240.95 72.45 Td (call ) Tj ET Q q 0 0 0 rg BT 260.12 72.45 Td (with ) Tj ET Q q 0 0 0 rg BT 282.97 72.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.74 72.45 Td (analysts ) Tj ET Q q 0 0 0 rg BT 363.47 72.45 Td (and ) Tj ET Q q 0 0 0 rg BT 382.65 72.45 Td (investors ) Tj ET Q q 0 0 0 rg BT 425.66 72.45 Td (today ) Tj ET Q q 0 0 0 rg BT 453.39 72.45 Td (\(February ) Tj ET Q q 0 0 0 rg BT 500.06 72.45 Td (25, ) Tj ET Q q 0 0 0 rg BT 517.10 72.45 Td (2020\) ) Tj ET Q q 0 0 0 rg BT 546.06 72.45 Td (at ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 59.25 Td (8:00 ) Tj ET Q q 0 0 0 rg BT 80.42 59.25 Td (a.m. ) Tj ET Q q 0 0 0 rg BT 102.23 59.25 Td (ET) Tj ET Q q 0 0 0 rg BT 114.85 59.25 Td (. ) Tj ET Q q 0 0 0 rg BT 120.46 59.25 Td (Macy) Tj ET Q q 0 0 0 rg BT 148.57 59.25 Td (s, ) Tj ET Q q 0 0 0 rg BT 158.46 59.25 Td (Inc.) Tj ET Q q 0 0 0 rg BT 178.31 59.25 Td (s ) Tj ET Q q 0 0 0 rg BT 185.46 59.25 Td (webcast, ) Tj ET Q q 0 0 0 rg BT 226.50 59.25 Td (along ) Tj ET Q q 0 0 0 rg BT 253.81 59.25 Td (with ) Tj ET Q q 0 0 0 rg BT 276.23 59.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.53 59.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 340.60 59.25 Td (presentation, ) Tj ET Q q 0 0 0 rg BT 399.98 59.25 Td (will ) Tj ET Q q 0 0 0 rg BT 419.96 59.25 Td (be ) Tj ET Q q 0 0 0 rg BT 433.20 59.25 Td (accessible ) Tj ET Q q 0 0 0 rg BT 480.65 59.25 Td (to ) Tj ET Q q 0 0 0 rg BT 492.08 59.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.38 59.25 Td (media ) Tj ET Q q 0 0 0 rg BT 538.12 59.25 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 46.05 Td (general ) Tj ET Q q 0 0 0 rg BT 96.23 46.05 Td (public ) Tj ET Q q 0 0 0 rg BT 129.59 46.05 Td (via ) Tj ET Q q 0 0 0 rg BT 148.90 46.05 Td (the ) Tj ET Q q 0 0 0 rg BT 168.20 46.05 Td (company's ) Tj ET Q q 0 0 0 rg BT 220.65 46.05 Td (website ) Tj ET Q q 0 0 0 rg BT 260.11 46.05 Td (at ) Tj ET Q q 0 0 0 rg BT 273.92 46.05 Td (www) Tj ET Q q 0 0 0 rg BT 297.04 46.05 Td (.macysinc.com. ) Tj ET Q q 0 0 0 rg BT 370.33 46.05 Td (Analysts ) Tj ET Q q 0 0 0 rg BT 414.70 46.05 Td (and ) Tj ET Q q 0 0 0 rg BT 436.45 46.05 Td (investors ) Tj ET Q q 0 0 0 rg BT 482.03 46.05 Td (may ) Tj ET Q q 0 0 0 rg BT 506.84 46.05 Td (call ) Tj ET Q q 0 0 0 rg BT 528.58 46.05 Td (in ) Tj ET Q q 0 0 0 rg BT 543.00 46.05 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 32.85 Td (1-800-458-4121, ) Tj ET Q q 0 0 0 rg BT 134.98 32.85 Td (passcode ) Tj ET Q q 0 0 0 rg BT 177.42 32.85 Td (5793262. ) Tj ET Q q 0 0 0 rg BT 220.80 32.85 Td (A) Tj ET Q q 0 0 0 rg BT 228.14 32.85 Td ( ) Tj ET Q q 0 0 0 rg BT 230.88 32.85 Td (replay ) Tj ET Q q 0 0 0 rg BT 261.10 32.85 Td (of ) Tj ET Q q 0 0 0 rg BT 273.00 32.85 Td (the ) Tj ET Q q 0 0 0 rg BT 289.17 32.85 Td (conference ) Tj ET Q q 0 0 0 rg BT 340.15 32.85 Td (call ) Tj ET Q q 0 0 0 rg BT 358.76 32.85 Td (and ) Tj ET Q q 0 0 0 rg BT 377.38 32.85 Td (slides ) Tj ET Q q 0 0 0 rg BT 405.17 32.85 Td (can ) Tj ET Q q 0 0 0 rg BT 423.18 32.85 Td (be ) Tj ET Q q 0 0 0 rg BT 436.29 32.85 Td (accessed ) Tj ET Q q 0 0 0 rg BT 477.50 32.85 Td (on ) Tj ET Q q 0 0 0 rg BT 491.24 32.85 Td (the ) Tj ET Q q 0 0 0 rg BT 507.42 32.85 Td (company's ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 19.65 Td (website ) Tj ET Q q 0 0 0 rg BT 94.35 19.65 Td (or ) Tj ET Q q 0 0 0 rg BT 106.26 19.65 Td (by ) Tj ET Q q 0 0 0 rg BT 120.01 19.65 Td (calling ) Tj ET Q q 0 0 0 rg BT 152.70 19.65 Td (1-888-203-1) Tj ET Q q 0 0 0 rg BT 207.28 19.65 Td (1) Tj ET Q q 0 0 0 rg BT 212.37 19.65 Td (12 ) Tj ET Q q 0 0 0 rg BT 226.12 19.65 Td (\(same ) Tj ET Q q 0 0 0 rg BT 255.14 19.65 Td (passcode\) ) Tj ET Q q 0 0 0 rg BT 301.26 19.65 Td (about ) Tj ET Q q 0 0 0 rg BT 328.45 19.65 Td (two ) Tj ET Q q 0 0 0 rg BT 347.70 19.65 Td (hours ) Tj ET Q q 0 0 0 rg BT 374.89 19.65 Td (after ) Tj ET Q q 0 0 0 rg BT 397.79 19.65 Td (the ) Tj ET Q q 0 0 0 rg BT 413.97 19.65 Td (conclusion ) Tj ET Q q 0 0 0 rg BT 464.38 19.65 Td (of ) Tj ET Q q 0 0 0 rg BT 476.30 19.65 Td (the ) Tj ET Q q 0 0 0 rg BT 492.48 19.65 Td (call.) 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10.00 Tf ET q 0 0 0 rg BT 61.00 462.27 Td (Benefit plan income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 461.37 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 461.37 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 437.27 Td (Settlement char) Tj ET Q q 0 0 0 rg BT 123.39 437.27 Td (ges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.30 436.42 Td (\(58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 436.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 436.42 Td (\(88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 436.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 412.27 Td (Interest expense, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.30 411.42 Td (\(185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 411.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.30 411.42 Td (\(236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 411.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 387.27 Td (Losses on early retirement of 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0 0 0 rg BT 474.15 311.37 Td (1,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 287.27 Td (Net loss attributable to noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 286.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 286.37 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 262.27 Td (Net income attributable to Macy's, Inc. shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 261.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 261.37 Td (564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.00 261.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 261.37 Td (1,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 237.27 Td (Basic earnings per share attributable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 227.27 Td ( Macy's, Inc. shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 227.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 227.37 Td (1.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.00 227.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 227.37 Td (3.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 203.27 Td (Diluted earnings per share attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 193.27 Td ( Macy's, Inc. shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 192.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 192.37 Td (1.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.00 192.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 192.37 Td (3.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 168.27 Td (A) Tj ET Q q 0 0 0 rg BT 67.48 168.27 Td (verage common shares:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 153.27 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 152.37 Td (309.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 152.37 Td (307.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 138.27 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 137.37 Td (31) Tj ET Q q 0 0 0 rg BT 368.15 137.37 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 137.37 Td (31) Tj ET Q q 0 0 0 rg BT 484.15 137.37 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 113.27 Td (End of period common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 112.37 Td (309.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 112.37 Td (307.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 88.27 Td (Supplemental Financial Measures:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 73.27 Td (Gross Mar) Tj ET Q q 0 0 0 rg BT 109.40 73.27 Td (gin \(Note 2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 72.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 72.37 Td (9,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.80 73.27 Td (38.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 73.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.00 72.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 72.37 Td (9,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 73.27 Td (39.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 73.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 58.27 Td (Depreciation and amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 57.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 57.37 Td (981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.00 57.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 57.37 Td (962) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.00 772.60 Td (6) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 269.75 741.60 Td (MACYS, INC.) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 194.35 713.73369140625 m 417.6478515625 713.73369140625 l s q 0 0 0 rg BT 194.35 715.20 Td (Consolidated Balance Sheets \(Unaudited\) \(Note 1\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 284.30 702.00 Td (\(millions\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 652.5 m 462.5 652.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 652.5 m 526.5 652.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 562.5 m 462.5 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 562.5 m 526.5 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 562.5 m 526.5 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 458.5 m 462.5 458.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 458.5 m 526.5 458.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 430.5 m 462.5 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 428.5 m 462.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 430.5 m 526.5 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 428.5 m 526.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 325.5 m 526.5 325.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 325.5 m 462.5 325.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 325.5 m 526.5 325.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 191.5 m 462.5 191.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 191.5 m 526.5 191.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 176.5 m 462.5 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 176.5 m 526.5 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 148.5 m 462.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 146.5 m 462.5 146.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 148.5 m 526.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 146.5 m 526.5 146.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.95 667.17 Td (February 1,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 657.17 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.95 667.17 Td (February 2,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 657.17 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 643.07 Td (ASSETS:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 628.07 Td ( Current ) Tj ET Q q 0 0 0 rg BT 101.27 628.07 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 613.07 Td ( Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 612.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 612.17 Td (685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 612.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 612.17 Td (1,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 598.07 Td ( Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 597.17 Td (409) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 597.17 Td (400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 583.07 Td ( Merchandise inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 582.17 Td (5,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 582.17 Td (5,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 568.07 Td ( Prepaid expenses and other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 567.17 Td (528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 567.17 Td (620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 553.07 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 553.07 Td (T) Tj ET Q q 0 0 0 rg BT 89.08 553.07 Td (otal Current ) Tj ET Q q 0 0 0 rg BT 139.00 553.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 552.17 Td (6,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 552.17 Td (7,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 524.07 Td ( Property and Equipment net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 523.17 Td (6,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 523.17 Td (6,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 509.07 Td ( Right of Use ) Tj ET Q q 0 0 0 rg BT 121.83 509.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 508.17 Td (2,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 508.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 494.07 Td ( Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 493.17 Td (3,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 493.17 Td (3,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 479.07 Td ( Other Intangible ) Tj ET Q q 0 0 0 rg BT 136.53 479.07 Td (Assets net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 478.17 Td (439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 478.17 Td (478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 464.07 Td ( Other ) Tj ET Q q 0 0 0 rg BT 93.49 464.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 463.17 Td (714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 463.17 Td (726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 435.07 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 435.07 Td (T) Tj ET Q q 0 0 0 rg BT 89.08 435.07 Td (otal ) Tj ET Q q 0 0 0 rg BT 105.95 435.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 434.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 434.17 Td (21,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 434.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 434.17 Td (19,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 406.07 Td (LIABILITIES ) Tj ET Q q 0 0 0 rg BT 120.16 406.07 Td (AND SHAREHOLDERS) Tj ET Q q 0 0 0 rg BT 225.80 406.07 Td ( EQUITY) Tj ET Q q 0 0 0 rg BT 264.60 406.07 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 391.07 Td ( Current Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 376.07 Td ( Short-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 375.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 375.17 Td (539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 375.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 375.17 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 361.07 Td ( Merchandise accounts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 360.17 Td (1,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 360.17 Td (1,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 346.07 Td ( ) Tj ET Q q 0 0 0 rg BT 75.72 346.07 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 345.17 Td (3,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 345.17 Td (3,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 331.07 Td ( Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 330.17 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 330.17 Td (168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 316.07 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 316.07 Td (T) Tj ET Q q 0 0 0 rg BT 89.08 316.07 Td (otal Current Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 315.17 Td (5,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 315.17 Td (5,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 287.07 Td ( Long-T) Tj ET Q q 0 0 0 rg BT 98.70 287.07 Td (erm Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 286.17 Td (3,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 286.17 Td (4,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 272.07 Td ( Long-T) Tj ET Q q 0 0 0 rg BT 98.70 272.07 Td (erm Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 271.17 Td (2,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 271.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 257.07 Td ( Deferred Income ) Tj ET Q q 0 0 0 rg BT 138.92 257.07 Td (T) Tj ET Q q 0 0 0 rg BT 144.59 257.07 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 256.17 Td (1,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 256.17 Td (1,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 242.07 Td ( Other Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 241.17 Td (1,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 241.17 Td (1,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 227.07 Td (Shareholders' Equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 212.07 Td (Macy's, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 211.17 Td (6,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 211.17 Td (6,436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 197.07 Td (Noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 196.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 196.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 182.07 Td (T) Tj ET Q q 0 0 0 rg BT 93.41 182.07 Td (otal Shareholders' Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 181.17 Td (6,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 181.17 Td (6,436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 153.07 Td ( ) Tj ET Q q 0 0 0 rg BT 83.32 153.07 Td (T) Tj ET Q q 0 0 0 rg BT 88.73 153.07 Td (otal Liabilities and Shareholders) Tj ET Q q 0 0 0 rg BT 221.00 153.07 Td ( Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 152.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 152.17 Td (21,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 152.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 152.17 Td (19,194) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.00 772.60 Td (7) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 269.75 741.60 Td (MACYS, INC.) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 144.95 713.73369140625 m 466.95244140625 713.73369140625 l s q 0 0 0 rg BT 144.95 715.20 Td (Consolidated Statements of Cash Flows \(Unaudited\) \(Note 1 and Note 3\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 284.30 702.00 Td (\(millions\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 642.5 m 485.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 642.5 m 554.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 376.5 m 485.5 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 362.5 m 485.5 362.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 376.5 m 554.5 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 362.5 m 554.5 362.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 286.5 m 485.5 286.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 272.5 m 485.5 272.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 286.5 m 554.5 286.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 272.5 m 554.5 272.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 154.5 m 485.5 154.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 154.5 m 554.5 154.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 154.5 m 485.5 154.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 140.5 m 485.5 140.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 154.5 m 554.5 154.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 140.5 m 554.5 140.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 106.5 m 485.5 106.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 106.5 m 554.5 106.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 87.5 m 485.5 87.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 85.5 m 485.5 85.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 87.5 m 554.5 87.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 85.5 m 554.5 85.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.60 682.07 Td (52 ) Tj ET Q q 0 0 0 rg BT 448.01 682.07 Td (W) Tj ET Q q 0 0 0 rg BT 456.96 682.07 Td (eeks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.20 672.07 Td (Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.10 682.07 Td (52 ) Tj ET Q q 0 0 0 rg BT 517.51 682.07 Td (W) Tj ET Q q 0 0 0 rg BT 526.46 682.07 Td (eeks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 672.07 Td (Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.95 657.17 Td (February 1,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 647.17 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.45 657.17 Td (February 2,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 647.17 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 633.07 Td (Cash flows from operating activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 619.07 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.00 619.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 619.07 Td (564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 619.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.15 619.07 Td (1,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 605.07 Td (Adjustments to reconcile net income to net cash provided by operating activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 591.07 Td (Restructuring, impairment, store closings and other costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 591.07 Td (354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 591.07 Td (136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 577.07 Td (Settlement char) Tj ET Q q 0 0 0 rg BT 159.39 577.07 Td (ges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 577.07 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 577.07 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 563.07 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 563.07 Td (981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 563.07 Td (962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 549.07 Td (Benefit plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 549.07 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 549.07 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 535.07 Td (Stock-based compensation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 535.07 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 535.07 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 521.07 Td (Gains on sale of real estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 521.12 Td (\(162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 521.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 521.12 Td (\(389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 521.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 507.07 Td (Deferred income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 507.12 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 507.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 507.07 Td (1) Tj ET Q q 0 0 0 rg BT 540.65 507.07 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 493.07 Td (Amortization of financing costs and premium on acquired debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 493.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 493.12 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 493.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 479.07 Td (Changes in assets and liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.00 465.07 Td ( Increase in receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 465.12 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 465.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 465.12 Td (\(61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 465.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.00 451.07 Td ( \(Increase\) decrease in merchandise inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 451.07 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 451.12 Td (\(87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 451.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.00 437.07 Td ( Decrease in prepaid expenses and other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 437.07 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 437.07 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.00 423.07 Td ( Increase in merchandise accounts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 423.07 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 423.07 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.00 409.07 Td ( Increase \(decrease\) in accounts payable and accrued liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 409.12 Td (\(257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 409.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 409.07 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.00 395.07 Td ( Decrease in current income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 395.12 Td (\(60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 395.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 395.12 Td (\(136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 395.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.00 381.07 Td ( Change in other assets and liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 381.12 Td (\(132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 381.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 381.12 Td (\(156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 381.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 367.07 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 367.07 Td (1,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.15 367.07 Td (1,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 347.07 Td (Cash flows from investing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 333.07 Td (Purchase of property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 333.12 Td (\(902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 333.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 333.12 Td (\(657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 333.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 319.07 Td (Capitalized software) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 319.12 Td (\(255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 319.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 319.12 Td (\(275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 319.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 305.07 Td (Disposition of property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 305.07 Td (185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 305.07 Td (474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 291.07 Td (Other) Tj ET Q q 0 0 0 rg BT 101.57 291.07 Td (, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 291.12 Td (\(30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 291.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 291.07 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 277.07 Td (Net cash used by investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 277.12 Td (\(1,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 277.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 277.12 Td (\(456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 277.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 257.07 Td (Cash flows from financing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 243.07 Td (Debt issuance costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 243.12 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 243.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 243.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 229.07 Td (Debt repaid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 229.12 Td (\(597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 229.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.80 229.12 Td (\(1,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 229.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 215.07 Td (Dividends paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 215.12 Td (\(466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 215.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 215.12 Td (\(463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 215.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 201.07 Td (Increase \(decrease\) in outstanding checks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 201.12 Td (\(62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 201.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 201.07 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 187.07 Td (Acquisition of treasury stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 187.12 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 187.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 187.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 173.07 Td (Issuance of common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 173.07 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 173.07 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 159.07 Td (Proceeds from noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 159.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 159.07 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 145.07 Td (Net cash used by financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 145.12 Td (\(1,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 145.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.80 145.12 Td (\(1,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 145.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 125.07 Td (Net decrease in cash, cash equivalents and restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 125.12 Td (\(517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 125.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 125.12 Td (\(265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 125.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 111.07 Td (Cash, cash equivalents and restricted cash beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 111.07 Td (1,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.15 111.07 Td (1,513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 91.07 Td (Cash, cash equivalents and restricted cash end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.00 91.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 91.07 Td (731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 91.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.15 91.07 Td (1,248) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.00 772.60 Td (8) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 269.75 741.60 Td (MACYS, INC.) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 201.65 713.73369140625 m 410.30087890625 713.73369140625 l s q 0 0 0 rg BT 201.65 715.20 Td (Consolidated Financial Statements \(Unaudited\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 688.80 Td (Notes:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 662.40 Td (\(1\) ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 76.00 662.40 Td (The results for the 13 and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 191.47 662.40 Td (52 weeks ended) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 261.72 662.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 264.47 662.40 Td (February1, 2020) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 339.93 662.40 Td ( reflect the adoption of ) Tj ET Q q 0 0 0 rg BT 442.25 662.40 Td (Accounting Standards ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 76.00 649.20 Td (Update 2016-02 \(ASU 2016-02\), ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 224.17 649.20 Td (Leases) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 254.12 649.20 Td (, on February 3, 2019, utilizing the modified retrospective approach ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 76.00 636.00 Td (which allowed for transition in the period of adoption. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 609.60 Td (\(2\) ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 76.00 609.60 Td (Gross mar) Tj ET Q q 0 0 0 rg BT 121.32 609.60 Td (gin is defined as net sales less cost of sales.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 583.20 Td (\(3\) ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 76.00 583.20 Td (Restricted cash of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 157.55 583.20 Td ($46 million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 208.59 583.20 Td ( and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 229.97 583.20 Td ($86 million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 281.00 583.20 Td ( have been included with cash and cash equivalents for the 52 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 76.00 570.00 Td (weeks ended February 1, 2020 and February 2, 2019, respectively) Tj ET Q q 0 0 0 rg BT 365.48 570.00 Td (. Further) Tj ET Q q 0 0 0 rg BT 405.67 570.00 Td (, reclassifications were made to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 76.00 556.80 Td (certain prior period amounts to conform with the classifications of such amounts in the most recent period.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.00 772.60 Td (9) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 269.75 741.60 Td (MACYS, INC.) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 160.6 713.73369140625 m 451.32119140625 713.73369140625 l s q 0 0 0 rg BT 160.60 715.20 Td (Important Information Regarding Non-GAAP) Tj ET Q q 0 0 0 rg BT 362.74 715.20 Td ( Financial Measures) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 688.80 Td (The company reports its financial results in accordance with U.S. generally accepted accounting principles ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 675.60 Td (\(GAAP\). However) Tj ET Q q 0 0 0 rg BT 140.65 675.60 Td (, management believes that certain non-GAAP) Tj ET Q q 0 0 0 rg BT 345.51 675.60 Td ( financial measures provide users of the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 662.40 Td (company's financial information with additional useful information in evaluating operating performance. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 649.20 Td (Management believes that providing supplemental changes in comparable sales on an owned plus licensed basis ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 636.00 Td (and changes in comparable sales on an owned plus licensed basis adjusted for the 53) Tj ET Q BT /F1 11.00 Tf ET BT /F1 7.15 Tf ET q 0 0 0 rg BT 430.06 640.98 Td (rd) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 436.02 636.00 Td ( week calendar shift, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 622.80 Td (which include adjusting for growth in comparable sales of departments licensed to third parties, assists in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 609.60 Td (evaluating the company's ability to generate sales growth, whether through owned businesses or departments ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 596.40 Td (licensed to third parties, and in evaluating the impact of changes in the manner in which certain departments are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 583.20 Td (operated. Earnings before interest, taxes, depreciation and amortization \(EBITDA\) is a non-GAAP) Tj ET Q q 0 0 0 rg BT 491.95 583.20 Td ( financial ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 570.00 Td (measure which the company believes provides meaningful information about its operational ef) Tj ET Q q 0 0 0 rg BT 474.15 570.00 Td (ficiency by ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 556.80 Td (excluding the impact of changes in tax law and structure, debt levels and capital investment. In addition, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 543.60 Td (management believes that excluding certain items from EBITDA, net income and diluted earnings per share ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 530.40 Td (attributable to Macy's, Inc. shareholders that are not associated with the company) Tj ET Q q 0 0 0 rg BT 418.89 530.40 Td (s core operations and that may ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 517.20 Td (vary substantially in frequency and magnitude from period-to-period provides useful supplemental measures ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 504.00 Td (that assist in evaluating the company's ability to generate earnings and to more readily compare these metrics ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 490.80 Td (between past and future periods. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 464.40 Td (The reconciliation of the forward-looking non-GAAP) Tj ET Q q 0 0 0 rg BT 293.72 464.40 Td ( financial measure of changes in comparable sales on an ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 451.20 Td (owned plus licensed basis to GAAP) Tj ET Q q 0 0 0 rg BT 215.55 451.20 Td ( comparable sales \(i.e., on an owned basis\) is in the same manner as ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 438.00 Td (illustrated below) Tj ET Q q 0 0 0 rg BT 130.91 438.00 Td (, except that the impact of growth in comparable sales of departments licensed to third parties is ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 424.80 Td (the only reconciling item. In addition, the company does not provide the most directly comparable forward-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 411.60 Td (looking GAAP) Tj ET Q q 0 0 0 rg BT 123.90 411.60 Td ( measure of diluted earnings per share attributable to Macy) Tj ET Q q 0 0 0 rg BT 386.28 411.60 Td (s, Inc. shareholders excluding certain ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 398.40 Td (items because the timing and amount of excluded items are unreasonably dif) Tj ET Q q 0 0 0 rg BT 394.72 398.40 Td (ficult to fully and accurately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 385.20 Td (estimate. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 358.80 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 110.15 358.80 Td ( financial measures should be viewed as supplementing, and not as an alternative or substitute for) Tj ET Q q 0 0 0 rg BT 538.59 358.80 Td (, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 345.60 Td (the company's financial results prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 351.99 345.60 Td (. Certain of the items that may be excluded or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 332.40 Td (included in non-GAAP) Tj ET Q q 0 0 0 rg BT 159.64 332.40 Td ( financial measures may be significant items that could impact the company's financial ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 319.20 Td (position, results of operations or cash flows and should therefore be considered in assessing the company's ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 306.00 Td (actual and future financial condition and performance. ) Tj ET Q q 0 0 0 rg BT 299.29 306.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 354.18 306.00 Td (, the amounts received by the company on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 292.80 Td (account of sales of departments licensed to third parties are limited to commissions received on such sales. ) Tj ET Q q 0 0 0 rg BT 530.05 292.80 Td (The ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 279.60 Td (methods used by the company to calculate its non-GAAP) Tj ET Q q 0 0 0 rg BT 309.93 279.60 Td ( financial measures may dif) Tj ET Q q 0 0 0 rg BT 431.30 279.60 Td (fer significantly from ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 266.40 Td (methods used by other companies to compute similar measures. ) Tj ET Q q 0 0 0 rg BT 340.88 266.40 Td (As a result, any non-GAAP) Tj ET Q q 0 0 0 rg BT 461.77 266.40 Td ( financial measures ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 253.20 Td (presented herein may not be comparable to similar measures provided by other companies.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.00 772.60 Td (10) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 269.75 741.60 Td (MACYS, INC.) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 160.6 713.73369140625 m 451.32119140625 713.73369140625 l s q 0 0 0 rg BT 160.60 715.20 Td (Important Information Regarding Non-GAAP) Tj ET Q q 0 0 0 rg BT 362.74 715.20 Td ( Financial Measures) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 159.80 702.00 Td (\(All amounts in millions except percentages and per share figures\)) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 58 674.13369140625 m 189.6669921875 674.13369140625 l s q 0 0 0 rg BT 58.00 675.60 Td (Changes in Comparable Sales) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 634.1 m 472.5 634.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 634.1 m 553.5 634.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 582.1 m 472.5 582.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 582.1 m 553.5 582.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 560.1 m 472.5 560.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 558.1 m 472.5 558.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 560.1 m 553.5 560.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 558.1 m 553.5 558.1 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.10 655.67 Td (13 ) Tj ET Q q 0 0 0 rg BT 414.51 655.67 Td (W) Tj ET Q q 0 0 0 rg BT 423.46 655.67 Td (eeks Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.45 645.67 Td (February 1,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.50 635.72 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.10 655.67 Td (52 ) Tj ET Q q 0 0 0 rg BT 495.42 655.67 Td (W) Tj ET Q q 0 0 0 rg BT 504.06 655.67 Td (eeks Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.45 645.67 Td (February 1,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 635.72 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 608.77 Td (Decrease in comparable sales on an owned basis \(Note 4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.45 608.77 Td (\(0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 608.77 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.45 608.77 Td (\(0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.30 608.77 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 586.77 Td (Comparable sales growth impact of departments licensed to third parties \(Note 5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 586.77 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 586.77 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 586.77 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 586.77 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 563.77 Td (Decrease in comparable sales on an owned plus licensed basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.45 563.77 Td (\(0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 563.77 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.45 563.77 Td (\(0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.30 563.77 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 518.1 m 472.5 518.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 518.1 m 553.5 518.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 466.1 m 472.5 466.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 466.1 m 553.5 466.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 420.1 m 472.5 420.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 420.1 m 553.5 420.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 391.1 m 472.5 391.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 389.1 m 472.5 389.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 391.1 m 553.5 391.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 389.1 m 553.5 389.1 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.10 539.67 Td (13 ) Tj ET Q q 0 0 0 rg BT 414.51 539.67 Td (W) Tj ET Q q 0 0 0 rg BT 423.46 539.67 Td (eeks Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.45 529.67 Td (February 2,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.50 519.72 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.10 539.67 Td (52 ) Tj ET Q q 0 0 0 rg BT 495.42 539.67 Td (W) Tj ET Q q 0 0 0 rg BT 504.06 539.67 Td (eeks Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.45 529.67 Td (February 2,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 519.72 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 492.77 Td (Increase in comparable sales on an owned basis \(Note 4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 492.77 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 492.77 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 492.77 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 492.77 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 470.77 Td (Comparable sales growth impact of departments licensed to third parties \(Note 5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 470.77 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 470.77 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 470.77 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 470.77 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 447.77 Td (Increase in comparable sales on an owned plus licensed basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 447.77 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 447.77 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 447.77 Td (2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 447.77 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 424.77 Td (Impact of 53) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 111.09 429.30 Td (rd) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.51 424.77 Td ( ) Tj ET Q q 0 0 0 rg BT 118.83 424.77 Td (W) Tj ET Q q 0 0 0 rg BT 127.46 424.77 Td (eek Shifted Calendar) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 424.77 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 424.77 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 424.77 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 424.77 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 403.67 Td (53) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 70.00 408.20 Td (rd) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.41 403.67 Td ( ) Tj ET Q q 0 0 0 rg BT 77.73 403.67 Td (W) Tj ET Q q 0 0 0 rg BT 86.37 403.67 Td (eek Shifted Calendar comparable sales on an owned plus licensed basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 393.67 Td (\(Note 6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 394.77 Td (2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 394.77 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 394.77 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 394.77 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 365.40 Td (Notes:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 341.40 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 341.40 Td (Represents the period-to-period percentage change in net sales from stores in operation throughout the year presented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 329.40 Td (and the immediately preceding year and all online sales, excluding commissions from departments licensed to third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 317.40 Td (parties. Stores impacted by a natural disaster or under) Tj ET Q q 0 0 0 rg BT 290.47 317.40 Td (going significant expansion or shrinkage remain in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 305.40 Td (comparable sales calculation unless the store, or material portion of the store, is closed for a significant period of time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 293.40 Td (Definitions and calculations of comparable sales may dif) Tj ET Q q 0 0 0 rg BT 303.25 293.40 Td (fer among companies in the retail industry) Tj ET Q q 0 0 0 rg BT 471.99 293.40 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 269.40 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 269.40 Td (Represents the impact of including the sales of departments licensed to third parties occurring in stores in operation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 257.40 Td (throughout the year presented and the immediately preceding year and all online sales in the calculation of comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 245.40 Td (sales. ) Tj ET Q q 0 0 0 rg BT 100.26 245.40 Td (The company licenses third parties to operate certain departments in its stores and online and receives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 233.40 Td (commissions from these third parties based on a percentage of their net sales. In its financial statements prepared in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 221.40 Td (conformity with GAAP) Tj ET Q q 0 0 0 rg BT 169.33 221.40 Td (, the company includes these commissions \(rather than sales of the departments licensed to third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 209.40 Td (parties\) in its net sales. ) Tj ET Q q 0 0 0 rg BT 169.69 209.40 Td (The company does not, however) Tj ET Q q 0 0 0 rg BT 299.53 209.40 Td (, include any amounts in respect of licensed department sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 197.40 Td (\(or any commissions earned on such sales\) in its comparable sales in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 447.75 197.40 Td ( \(i.e., on an owned basis\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 185.40 Td (The amounts of commissions earned on sales of departments licensed to third parties are not material to its net sales for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 173.40 Td (the periods presented.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 149.40 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 149.40 Td (Represents comparable sales on an owned plus licensed basis that incorporates a shift of the company's fiscal 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 137.40 Td (calendar to align with fiscal 2018 on a like-for) Tj ET Q q 0 0 0 rg BT 261.29 137.40 Td (-like basis as a result of the 53) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 382.65 141.93 Td (rd) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.06 137.40 Td ( week in fiscal 2017.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.35 772.60 Td (1) Tj ET Q q 0 0 0 rg BT 556.98 772.60 Td (1) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 269.75 741.60 Td (MACYS, INC.) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 160.6 713.73369140625 m 451.32119140625 713.73369140625 l s q 0 0 0 rg BT 160.60 715.20 Td (Important Information Regarding Non-GAAP) Tj ET Q q 0 0 0 rg BT 362.74 715.20 Td ( Financial Measures) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 159.80 702.00 Td (\(All amounts in millions except percentages and per share figures\)) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 58 674.13369140625 m 537.509765625 674.13369140625 l s q 0 0 0 rg BT 58.00 675.60 Td (Earnings before Interest, ) Tj ET Q q 0 0 0 rg BT 168.98 675.60 Td (T) Tj ET Q q 0 0 0 rg BT 174.93 675.60 Td (axes, Depreciation and ) Tj ET Q q 0 0 0 rg BT 277.55 675.60 Td (Amortization, Net Income and Diluted Earnings Per Share ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 58 660.93369140625 m 352.01904296875 660.93369140625 l s q 0 0 0 rg BT 58.00 662.40 Td (Attributable to Macy's, Inc. Shareholders, Excluding Certain Items) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 636.00 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 110.15 636.00 Td ( financial measures, excluding certain items below) Tj ET Q q 0 0 0 rg BT 332.10 636.00 Td (, are reconciled to the most directly comparable ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 58.00 622.80 Td (GAAP) Tj ET Q q 0 0 0 rg BT 87.54 622.80 Td ( measure as follows:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 76.00 609.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 94.00 609.60 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 133.72 609.60 Td ( and adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 234.23 609.60 Td ( are reconciled to GAAP) Tj ET Q q 0 0 0 rg BT 342.56 609.60 Td ( net income attributable to Macy) Tj ET Q q 0 0 0 rg BT 488.87 609.60 Td (s, Inc. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 94.00 596.40 Td (shareholders.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 76.00 583.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 94.00 583.20 Td (Adjusted net income attributable to Macy) Tj ET Q q 0 0 0 rg BT 280.03 583.20 Td (s, Inc. shareholders is reconciled to GAAP) Tj ET Q q 0 0 0 rg BT 467.19 583.20 Td ( net income ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 94.00 570.00 Td (attributable to Macy) Tj ET Q q 0 0 0 rg BT 186.25 570.00 Td (s, Inc. shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 556.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 94.00 556.80 Td (Adjusted diluted earnings per share attributable to Macy) Tj ET Q q 0 0 0 rg BT 344.79 556.80 Td (s, Inc. shareholders is reconciled to GAAP) Tj ET Q q 0 0 0 rg BT 531.94 556.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 94.00 543.60 Td (diluted earnings per share attributable to Macy) Tj ET Q q 0 0 0 rg BT 302.32 543.60 Td (s, Inc shareholders.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 58.00 517.20 Td (Adjusted EBITDA) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 476.7 m 425.5 476.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 476.7 m 554.5 476.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 388.7 m 425.5 388.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 388.7 m 554.5 388.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 333.7 m 425.5 333.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 319.7 m 425.5 319.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 317.7 m 425.5 317.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 333.7 m 554.5 333.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 319.7 m 554.5 319.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 317.7 m 554.5 317.7 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.60 496.37 Td (13 ) Tj ET Q q 0 0 0 rg BT 343.01 496.37 Td (W) Tj ET Q q 0 0 0 rg BT 351.96 496.37 Td (eeks Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.60 496.37 Td (13 ) Tj ET Q q 0 0 0 rg BT 472.01 496.37 Td (W) Tj ET Q q 0 0 0 rg BT 480.96 496.37 Td (eeks Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.70 481.37 Td (February 1, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.70 481.37 Td (February 2, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 453.37 Td (Net income attributable to Macy's, Inc. shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 453.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 453.37 Td (340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 453.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 453.37 Td (740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 438.37 Td (Interest expense, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 438.37 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 438.37 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 423.37 Td (Losses on early retirement of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 423.37 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 423.37 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 408.37 Td (Federal, state and local income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 408.37 Td (109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 408.37 Td (226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 393.37 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 393.37 Td (256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 393.37 Td (244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 378.37 Td (EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 378.37 Td (777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.15 378.37 Td (1,287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 363.37 Td (Restructuring, impairment, store closings and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.50 353.37 Td (costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 353.37 Td (337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 353.37 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 338.37 Td (Settlement char) Tj ET Q q 0 0 0 rg BT 129.29 338.37 Td (ges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 338.37 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 338.37 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 323.37 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 323.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 323.37 Td (1,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 323.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.15 323.37 Td (1,399) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 269.70000000000005 m 425.5 269.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 269.70000000000005 m 554.5 269.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 190.70000000000005 m 425.5 190.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 190.70000000000005 m 554.5 190.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 135.70000000000005 m 425.5 135.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 121.70000000000005 m 425.5 121.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 119.70000000000005 m 425.5 119.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 135.70000000000005 m 554.5 135.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 121.70000000000005 m 554.5 121.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 119.70000000000005 m 554.5 119.70000000000005 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.60 289.37 Td (52 ) Tj ET Q q 0 0 0 rg BT 343.01 289.37 Td (W) Tj ET Q q 0 0 0 rg BT 351.96 289.37 Td (eeks Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.60 289.37 Td (52 ) Tj ET Q q 0 0 0 rg BT 472.01 289.37 Td (W) Tj ET Q q 0 0 0 rg BT 480.96 289.37 Td (eeks Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.70 274.37 Td (February 1, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.70 274.37 Td (February 2, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 255.37 Td (Net income attributable to Macy's, Inc. shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 255.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 255.37 Td (564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 255.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.15 255.37 Td (1,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 240.37 Td (Interest expense, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 240.37 Td (185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 240.37 Td (236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 225.37 Td (Losses on early retirement of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 225.37 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 225.37 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 210.37 Td (Federal, state and local income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 210.37 Td (164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 210.37 Td (322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 195.37 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 195.37 Td (981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 195.37 Td (962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 180.37 Td (EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 180.37 Td (1,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.15 180.37 Td (2,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 165.37 Td (Restructuring, impairment, store closings and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.50 155.37 Td (costs \(Note 7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 155.37 Td (354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 155.37 Td (128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 140.37 Td (Settlement char) Tj ET Q q 0 0 0 rg BT 129.29 140.37 Td (ges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 140.37 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 140.37 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 125.37 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 125.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 125.37 Td (2,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 125.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.15 125.37 Td (2,877) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 97.20 Td (Note 7: ) Tj ET Q q 0 0 0 rg BT 90.04 97.20 Td (The above pre-tax adjustments for the 52 weeks ended February 2, 2019 exclude impairment, restructuring and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 85.20 Td (other costs attributable to the noncontrolling interest shareholder of $8 million.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.00 772.60 Td (12) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 269.75 741.60 Td (MACYS, INC.) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 160.6 713.73369140625 m 451.32119140625 713.73369140625 l s q 0 0 0 rg BT 160.60 715.20 Td (Important Information Regarding Non-GAAP) Tj ET Q q 0 0 0 rg BT 362.74 715.20 Td ( Financial Measures) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 159.80 702.00 Td (\(All amounts in millions except percentages and per share figures\)) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 58.00 666.60 Td (Adjusted Net Income and ) Tj ET Q q 0 0 0 rg BT 171.44 666.60 Td (Adjusted Diluted Earnings Per Shar) Tj ET Q q 0 0 0 rg BT 330.52 666.60 Td (e ) Tj ET Q q 0 0 0 rg BT 337.96 666.60 Td (Attributable to Macy's, Inc. 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