MACYS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (millions, except per share data) 2021 2020 2019 Net sales $
Question:
MACY’S, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(millions, except per share data)
2021 | 2020 | 2019 | ||||||||||
Net sales | $ | 24,460 | $ | 17,346 | $ | 24,560 | ||||||
Credit card revenues, net | 832 | 751 | 771 | |||||||||
Cost of sales | (14,956 | ) | (12,286 | ) | (15,171 | ) | ||||||
Selling, general and administrative expenses | (8,047 | ) | (6,767 | ) | (8,998 | ) | ||||||
Gains on sale of real estate | 91 | 60 | 162 | |||||||||
Restructuring, impairment, store closing and other costs | (30 | ) | (3,579 | ) | (354 | ) | ||||||
Operating income (loss) | 2,350 | (4,475 | ) | 970 | ||||||||
Benefit plan income, net | 66 | 54 | 31 | |||||||||
Settlement charges | (96 | ) | (84 | ) | (58 | ) | ||||||
Interest expense | (256 | ) | (284 | ) | (205 | ) | ||||||
Financing costs | — | (5 | ) | — | ||||||||
Losses on early retirement of debt | (199 | ) | — | (30 | ) | |||||||
Interest income | 1 | 4 | 20 | |||||||||
Income (loss) before income taxes | 1,866 | (4,790 | ) | 728 | ||||||||
Federal, state and local income tax benefit (expense) | (436 | ) | 846 | (164 | ) | |||||||
Net income (loss) | $ | 1,430 | $ | (3,944 | ) | $ | 564 | |||||
Basic earnings (loss) per share | $ | 4.66 | $ | (12.68 | ) | $ | 1.82 | |||||
Diluted earnings (loss) per share | $ | 4.55 | $ | (12.68 | ) | $ | 1.81 | |||||
Prepare common-size income statements for Macy’s for fiscal years 2019, 2020, and 2021.
Expert Answer:
Answer MACYS INC CommonSize Income Statements Items 2019 2020 2021 Net Sales 1... View the full answer
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
