Using the financial ratios provided in the financial statement information for Macy's, Inc., below, calculate the following ratios for Macy's for both 2011 and 2012.

a. Gross profit margin.

b. Operating profit margin.

c. Net profit margin.

d. Times interest earned coverage.

e. Return on shareholders' equity.

f. Return on assets.

g. Debt-to-equity ratio.

h. Days of inventory.

i. Inventory turnover ratio.

j. Average collection period.

Based on these ratios, did Macy's financial performance improve, weaken, or remain about the same from 2011 to 2012?

Consolidated Statements of Income for Macy's, Inc., 2011-2012 (in millions, except per share data) 2011 2012 Net sales 27,686 26,405 (16,538) Cost of sales (15,738 Gross margin 11,148 10,667 (8,482) (8,281) Selling, general, and administrative expenses Impairments, store closing costs and gain on sale of leases (5) Operating income 2,661 2,411 (425) (447) Interest expense (137) Premium on early retirement of debt Interest income Income before income taxes 1,968 2,102 (712) Federal, state, and local income tax expense (767) Net income 1,335 1,256 Basic earnings per share 3.29 2.96 Diluted earnings per share 3.24. 2.92