Macy’s reported results for its second quarter of 2015, ended Aug. 1, 2015. The company’s earnings were 64 cents per diluted share for the second quarter of 2015.
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This compares with earnings of 80 cents per diluted share in the second quarter of 2014. Macy’s, Inc.’s diluted earnings per share in the first half of 2015 were $1.19, compared with earnings per diluted share of $1.40 in the same period last year.
“We are disappointed in our second quarter results, which were impacted by a variety of factors, both internal to the company and in the macroeconomic environment.
"We expect an improvement in trend beginning in the second half of 2015 based on a range of promising new strategic initiatives, including those initially announced in January, which we believe will transform our company in the years ahead,” said Terry J. Lundgren, Macy’s chairman and chief executive officer.
Sales in the second quarter of 2015 totaled $6.104 billion, a decrease of 2.6 percent, compared with sales of $6.267 billion in the same period last year. Comparable sales on an owned plus licensed basis were down by 1.5 percent in the second quarter. On an owned basis, second quarter comparable sales declined by 2.1 percent.
For the year to date, Macy’s, Inc. sales totaled $12.336 billion, down 1.7 percent from total sales of $12.546 billion in the first half of 2014. Comparable sales on an owned plus licensed basis were down by 0.8 percent year-to-date in 2015. On an owned basis, year-to-date comparable sales declined by 1.4 percent.
Macy’s, Inc.’s operating income totaled $436 million or 7.1 percent of sales for the quarter ended Aug. 1, 2015, compared with operating income of $571 million or 9.1 percent of sales for the same period last year.
For the first half of 2015, Macy’s, Inc.’s operating income totaled $845 million or 6.8 percent of sales, compared with operating income of $1.014 billion or 8.1 percent of sales for the same period last year.
Net cash provided by operating activities was $398 million in the first half of 2015, compared with $736 million in the first six months of last year. Net cash used by investing activities in the first half of 2015 was $615 million, compared with $378 million a year ago. Net cash used by financing activities in the first six months of 2015 was $1.186 billion, compared with $1.001 billion in the first half of 2014.
The company repurchased approximately 8 million shares of its common stock for a total of approximately $552 million in the second quarter of 2015. In the fiscal year to date, the company repurchased approximately 13.9 million shares of its common stock for approximately $937 million.
At August 1, 2015, the company had remaining authorization to repurchase up to approximately $1.6 billion of its common stock. ■