Using the financial ratios provided in the Appendix and the following financial statement information for Macy’s, Inc., calculate the following ratios for Macy’s for both 2015 and 2016. 

1. Gross profit margin 

2. Operating profit margin 

3. Net profit margin 

4. Times interest earned coverage 

5. Return on shareholders’ equity 

6. Return on assets 

7. Long-term debt-to-equity ratio 

8. Days of inventory 

9. Inventory turnover ratio 

10. Average collection period.

Based on these ratios, did Macy’s financial performance improve, weaken, or remain about the same from 2015 to 2016? 

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Consolidated Statements of Income for Macy's, Inc., 2015-2016 (in millions, except per share amounts) Net sales Cost of sales Gross margin Selling, general and administrative expenses Impairments, store closing and other costs Settlement charges Operating income Interest expense Premium on early retirement of debt Interest income Income before income taxes Federal, state, and local income tax expense Net income Net loss attributable to noncontrolling interest Net income attributable to Macy's, Inc., shareholders Basic earnings per share attributable to Macy's, Inc., shareholders Diluted earnings per share attributable to Macy's, Inc., shareholders 2016 $25,778 (15,621) 10,157 (8,265) (479) (98) 1,315 (367) 4 952 (341) 611 8 619 $ 2.01 $ 1.99 2015 $27,079 (16,496) 10,583 (8,256) (288) 2,039 (363) 2 1,678 (608) 1,070 2 1,072 $ 3.26 $ 3.22