10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

ý    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended May 2, 2015

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from    to

Commission file number: 1-13536

Incorporated in Delaware	I.R.S. Employer Identification No.
	13-3324058

7 West Seventh Street

Cincinnati, Ohio 45202

(513) 579-7000

and

151 West 34th Street

New York, New York 10001

(212) 494-1602

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ý	Accelerated filer  o	Non-accelerated filer  o	Smaller reporting company  o
	(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at May 29, 2015
Common Stock, $0.01 par value per share	336,410,162 shares

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

MACY’S, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(millions, except per share figures)

	13 Weeks Ended
	May 2, 2015			May 3, 2014
Net sales	$	6,232		$	6,279
Cost of sales	(3,800		)	(3,836		)
Gross margin	2,432			2,443
Selling, general and administrative expenses	(2,023		)	(2,000		)
Operating income	409			443
Interest expense	(95		)	(100		)
Interest income	—			—
Income before income taxes	314			343
Federal, state and local income tax expense	(121		)	(119		)
Net income	$	193		$	224
Basic earnings per share	$	.57		$	.61
Diluted earnings per share	$	.56		$	.60

The accompanying notes are an integral part of these Consolidated Financial Statements.

2

MACY’S, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(millions)

	13 Weeks Ended
	May 2, 2015			May 3, 2014
Net income	$	193		$	224
Other comprehensive income:
Amortization of net actuarial loss on post employment and postretirement benefit plans included in net income, before tax	13			6
Tax effect related to items of other comprehensive income	(5		)	(2		)
Total other comprehensive income, net of tax effect	8			4
Comprehensive income	$	201		$	228

The accompanying notes are an integral part of these Consolidated Financial Statements.

3

MACY’S, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(millions)

	May 2, 2015		January 31, 2015		May 3, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	1,509	$	2,246	$	1,878
Receivables	259		424		275
Merchandise inventories	6,055		5,516		5,897
Prepaid expenses and other current assets	471		493		454
Total Current Assets	8,294		8,679		8,504
Property and Equipment - net of accumulated depreciation and amortization of $5,784, $5,594 and $6,261	7,712		7,800		7,792
Goodwill	3,897		3,743		3,743
Other Intangible Assets – net	531		496		519
Other Assets	741		743		747
Total Assets	$	21,175	$	21,461	$	21,305
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Short-term debt	$	76	$	76	$	8
Merchandise accounts payable	2,512		1,693		2,390
Accounts payable and accrued liabilities	2,411		3,109		2,220
Income taxes	74		296		105
Deferred income taxes	370		362		381
Total Current Liabilities	5,443		5,536		5,104
Long-Term Debt	7,260		7,265		7,162
Deferred Income Taxes	1,086		1,081		1,304
Other Liabilities	2,179		2,201		1,635
Shareholders’ Equity	5,207		5,378		6,100
Total Liabilities and Shareholders’ Equity	$	21,175	$	21,461	$	21,305

The accompanying notes are an integral part of these Consolidated Financial Statements.

4

MACY’S, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(millions)

	13 Weeks Ended
	May 2, 2015			May 3, 2014
Cash flows from operating activities:
Net income	$	193		$	224
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	259			253
Stock-based compensation expense	18			21
Amortization of financing costs and premium on acquired debt	(1		)	(2		)
Changes in assets and liabilities:
Decrease in receivables	167			163
Increase in merchandise inventories	(511		)	(340		)
Increase in prepaid expenses and other current assets	(42		)	(31		)
Increase in other assets not separately identified	—			(14		)
Increase in merchandise accounts payable	719			628
Decrease in accounts payable, accrued liabilities and other items not separately identified	(513		)	(460		)
Decrease in current income taxes	(222		)	(256		)
Increase (decrease) in deferred income taxes	(6		)	8
Decrease in other liabilities not separately identified	(8		)	(20		)
Net cash provided by operating activities	53			174
Cash flows from investing activities:
Purchase of property and equipment	(180		)	(151		)
Capitalized software	(63		)	(49		)
Acquisition of Bluemercury, Inc., net of cash acquired	(212		)	—
Disposition of property and equipment	4			10
Other, net	70			6
Net cash used by investing activities	(381		)	(184		)
Cash flows from financing activities:
Debt repaid	(3		)	(5		)
Dividends paid	(106		)	(92		)
Decrease in outstanding checks	(41		)	(11		)
Acquisition of treasury stock	(359		)	(403		)
Issuance of common stock	100			126
Net cash used by financing activities	(409		)	(385		)
Net decrease in cash and cash equivalents	(737		)	(395		)
Cash and cash equivalents beginning of period	2,246			2,273
Cash and cash equivalents end of period	$	1,509		$	1,878
Supplemental cash flow information:
Interest paid	$	81		$	83
Interest received	—			—
Income taxes paid (net of refunds received)	314			343

The accompanying notes are an integral part of these Consolidated Financial Statements.

5

MACY’S, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.    Summary of Significant Accounting Policies

Nature of Operations

Macy's, Inc. and subsidiaries (the "Company") is an omnichannel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and Bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. The Company's operations include approximately 885 stores in 45 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com, bloomingdales.com and bluemercury.com. In addition, Bloomingdale's in Dubai, United Arab Emirates is operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC.

A description of the Company's significant accounting policies is included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2015 (the "2014 10-K"). The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto in the 2014 10-K.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts.

The Consolidated Financial Statements for the 13 weeks endedMay 2, 2015 and May 3, 2014, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company.

Seasonality

Because of the seasonal nature of the retail business, the results of operations for the 13 weeks endedMay 2, 2015 and May 3, 2014 (which do not include the Christmas season) are not necessarily indicative of such results for the full fiscal year.

Reclassifications

Certain reclassifications were made to prior years’ amounts to conform with the classifications of such amounts for the most recent fiscal period.

Comprehensive Income

Total comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income. For the Company, the only other component of total comprehensive income for the 13 weeks endedMay 2, 2015 and May 3, 2014 is the amortization of post employment and postretirement plan items. These reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income) and are included in selling, general and administrative expenses on the Consolidated Statements of Income. See Note 4, "Benefit Plans," for further information.

6

MACY'S, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Unaudited)

2.    Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	13 Weeks Ended
	May 2, 2015					May 3, 2014
	Net Income				Shares	Net Income				Shares
	(millions, except per share data)
Net income and average number of shares outstanding	$	193			339.8	$	224			364.8
Shares to be issued under deferred compensation and other plans					0.9					1.1
	$	193			340.7	$	224			365.9
Basic earnings per share			$	.57				$	.61
Effect of dilutive securities:
Stock options, restricted stock and restricted stock units					5.8					6.7
	$	193			346.5	$	224			372.6
Diluted earnings per share			$	.56				$	.60

In addition to the stock options, restricted stock and restricted stock units reflected in the foregoing table, stock options to purchase 6.5 million shares of common stock and restricted stock units relating to 1.4 million shares of common stock were outstanding at May 2, 2015, but were not included in the computation of diluted earnings per share for the 13 weeks endedMay 2, 2015 because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met.

In addition to the stock options, restricted stock and restricted stock units reflected in the foregoing table, stock options to purchase 3.3 million shares of common stock and restricted stock units relating to 1.1 million shares of common stock were outstanding at May 3, 2014, but were not included in the computation of diluted earnings per share for the 13 weeks endedMay 3, 2014 because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met.

3.    Financing Activities

The following table shows the detail of debt repayments:

	13 Weeks Ended
	May 2, 2015		May 3, 2014
	(millions)
9.5% amortizing debentures due 2021	$	2	$	2
9.75% amortizing debentures due 2021	1		1
Capital leases and other obligations	—		2
	$	3	$	5

During the 13 weeks endedMay 2, 2015, the Company repurchased approximately 5.9 million shares of its common stock pursuant to existing stock purchase authorizations for a total of approximately $385 million. As of May 2, 2015, the Company had $647 million of authorization remaining under its share repurchase program. On May 13, 2015, the Company announced that the Board of Directors approved an additional $1,500 million in authorization to purchase common stock, bringing the Company's remaining authorization under its share repurchase program to $2,147 million. The Company may continue or, from time to time, suspend repurchases of shares under its share repurchase program, depending on prevailing market conditions, alternate uses of capital and other factors.

7

MACY'S, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Unaudited)

4.    Benefit Plans

The Company has defined contribution plans which cover substantially all employees who work 1,000 hours or more in a year. In addition, the Company has a funded defined benefit plan ("Pension Plan") and an unfunded defined benefit supplementary retirement plan ("SERP"), which provides benefits, for certain employees, in excess of qualified plan limitations. Effective January 1, 2012, the Pension Plan was closed to new participants, with limited exceptions, and effective January 2, 2012, the SERP was closed to new participants.

In February 2013, the Company announced changes to the Pension Plan and SERP whereby eligible employees no longer earn future pension service credits after December 31, 2013, with limited exceptions. All retirement benefits attributable to service in subsequent periods are provided through defined contribution plans.

In addition, certain retired employees currently are provided with specified health care and life insurance benefits ("Postretirement Obligations"). Eligibility requirements for such benefits vary, but generally state that benefits are available to eligible employees who were hired prior to a certain date and retire after a certain age with specified years of service. Certain employees are subject to having such benefits modified or terminated.

The defined contribution plan expense and actuarially determined components of the net periodic benefit cost (income) associated with the defined benefit plans are as follows:

	13 Weeks Ended
	May 2, 2015			May 3, 2014
	(millions)
401(k) Defined Contribution Plan	$	23		$	25
Pension Plan
Service cost	$	2		$	2
Interest cost	34			38
Expected return on assets	(59		)	(61		)
Recognition of net actuarial loss	10			6
Amortization of prior service credit	—			—
	$	(13	)	$	(15	)
Supplementary Retirement Plan
Service cost	$	—		$	—
Interest cost	8			8
Recognition of net actuarial loss	3			1
Amortization of prior service cost	—			—
	$	11		$	9
Total Retirement Expense	$	21		$	19
Postretirement Obligations
Service cost	$	—		$	—
Interest cost	2			2
Recognition of net actuarial gain	—			(1		)
Amortization of prior service cost	—			—
	$	2		$	1

8

MACY'S, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Unaudited)

5.    Fair Value Measurements

The following table shows the Company's financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards:

	May 2, 2015								May 3, 2014
			Fair Value Measurements								Fair Value Measurements
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(millions)
Marketable equity and debt securities	$	104	$	—	$	104	$	—	$	91	$	—	$	91	$	—

Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, short-term debt, merchandise accounts payable, accounts payable and accrued liabilities and long-term debt. With the exception of long-term debt, the carrying amount approximates fair value because of the short maturity of these instruments. The fair values of long-term debt, excluding capitalized leases, are generally estimated based on quoted market prices for identical or similar instruments, and are classified as Level 2 measurements within the hierarchy as defined by applicable accounting standards.

The following table shows the estimated fair value of the Company's long-term debt:

	May 2, 2015						May 3, 2014
	Notional Amount		Carrying Amount		Fair Value		Notional Amount		Carrying Amount		Fair Value
	(millions)
Long-term debt	$	7,070	$	7,231	$	8,020	$	6,973	$	7,145	$	7,797

6.    Condensed Consolidating Financial Information

Certain debt obligations of the Company, which constitute debt obligations of Macy's Retail Holdings, Inc. ("Subsidiary Issuer"), a 100%-owned subsidiary of Macy's, Inc. ("Parent"), are fully and unconditionally guaranteed by Parent. In the following condensed consolidating financial statements, "Other Subsidiaries" includes all other direct subsidiaries of Parent, including FDS Bank, West 34th Street Insurance Company and its subsidiary West 34th Street Insurance Company New York, Macy's Merchandising Corporation, Macy's Merchandising Group, Inc. and its subsidiaries Macy's Merchandising Group (Hong Kong) Limited, Macy's Merchandising Group Procurement, LLC, Macy's Merchandising Group International, LLC, and Macy's Merchandising Group International (Hong Kong) Limited. "Subsidiary Issuer" includes operating divisions and non-guarantor subsidiaries of the Subsidiary Issuer on an equity basis. The assets and liabilities and results of operations of the non-guarantor subsidiaries of the Subsidiary Issuer are also reflected in "Other Subsidiaries."

Condensed Consolidating Balance Sheets as of May 2, 2015, May 3, 2014 and January 31, 2015, the related Condensed Consolidating Statements of Comprehensive Income for the 13 weeks endedMay 2, 2015 and May 3, 2014, and the related Condensed Consolidating Statements of Cash Flows for the 13 weeks endedMay 2, 2015 and May 3, 2014 are presented on the following pages.

9

MACY'S, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Unaudited)

Condensed Consolidating Balance Sheet

As of May 2, 2015

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,078	$	115	$	316	$	—		$	1,509
Receivables	—		48		211		—			259
Merchandise inventories	—		3,029		3,026		—			6,055
Prepaid expenses and other current assets	—		101		370		—			471
Income taxes	43		—		—		(43		)	—
Total Current Assets	1,121		3,293		3,923		(43		)	8,294
Property and Equipment – net	—		4,250		3,462		—			7,712
Goodwill	—		3,315		582		—			3,897
Other Intangible Assets – net	—		68		463		—			531
Other Assets	1		75		665		—			741
Deferred Income Taxes	22		—		—		(22		)	—
Intercompany Receivable	—		—		3,588		(3,588		)	—
Investment in Subsidiaries	4,701		3,549		—		(8,250		)	—
Total Assets	$	5,845	$	14,550	$	12,683	$	(11,903	)	$	21,175
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	75	$	1	$	—		$	76
Merchandise accounts payable	—		1,207		1,305		—			2,512
Accounts payable and accrued liabilities	13		1,043		1,355		—			2,411
Income taxes	—		10		107		(43		)	74
Deferred income taxes	—		304		66		—			370
Total Current Liabilities	13		2,639		2,834		(43		)	5,443
Long-Term Debt	—		7,240		20		—			7,260
Intercompany Payable	564		3,024				(3,588		)	—
Deferred Income Taxes	—		440		668		(22		)	1,086
Other Liabilities	61		543		1,575		—			2,179
Shareholders' Equity	5,207		664		7,586		(8,250		)	5,207
Total Liabilities and Shareholders' Equity	$	5,845	$	14,550	$	12,683	$	(11,903	)	$	21,175

10

MACY'S, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Unaudited)

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks EndedMay 2, 2015

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	2,776		$	5,691		$	(2,235	)	$	6,232
Cost of sales	—			(1,809		)	(4,226		)	2,235			(3,800		)
Gross margin	—			967			1,465			—			2,432
Selling, general and administrative expenses	(1		)	(980		)	(1,042		)	—			(2,023		)
Operating income (loss)	(1		)	(13		)	423			—			409
Interest (expense) income, net:
External	—			(95		)	—			—			(95		)
Intercompany	—			(58		)	58			—			—
Equity in earnings of subsidiaries	194			60			—			(254		)	—
Income (loss) before income taxes	193			(106		)	481			(254		)	314
Federal, state and local income tax benefit (expense)	—			37			(158		)	—			(121		)
Net income (loss)	$	193		$	(69	)	$	323		$	(254	)	$	193
Comprehensive income (loss)	$	201		$	(61	)	$	327		$	(266	)	$	201

11

MACY'S, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Unaudited)

Condensed Consolidating Statement of Cash Flows

For the 13 Weeks EndedMay 2, 2015

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income (loss)	$	193		$	(69	)	$	323		$	(254	)	$	193
Equity in earnings of subsidiaries	(194		)	(60		)	—			254			—
Dividends received from subsidiaries	191						—			(191		)	—
Depreciation and amortization	—			106			153			—			259
(Increase) decrease in working capital	43			16			(461		)	—			(402		)
Other, net	24			(6		)	(15		)	—			3
Net cash provided (used) by operating activities	257			(13		)	—			(191		)	53
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	—			(69		)	(170		)	—			(239		)
Other, net	—			7			(149		)	—			(142		)
Net cash used by investing activities	—			(62		)	(319		)	—			(381		)
Cash flows from financing activities:
Debt repaid	—			(3		)	—			—			(3		)
Dividends paid	(106		)	—			(191		)	191			(106		)
Common stock acquired, net of issuance of common stock	(259		)	—			—			—			(259		)
Intercompany activity, net	(669		)	146			523			—			—
Other, net	(53		)	(47		)	59			—			(41		)
Net cash provided (used) by financing activities	(1,087		)	96			391			191			(409		)
Net increase (decrease) in cash and cash equivalents	(830		)	21			72			—			(737		)
Cash and cash equivalents at beginning of period	1,908			94			244			—			2,246
Cash and cash equivalents at end of period	$	1,078		$	115		$	316		$	—		$	1,509

12

MACY'S, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Unaudited)

Condensed Consolidating Balance Sheet

As of May 3, 2014

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,425	$	129	$	324	$	—		$	1,878
Receivables	—		58		217		—			275
Merchandise inventories	—		3,023		2,874		—			5,897
Prepaid expenses and other current assets	—		94		360		—			454
Income taxes	9		—		—		(9		)	—
Total Current Assets	1,434		3,304		3,775		(9		)	8,504
Property and Equipment – net	—		4,481		3,311		—			7,792
Goodwill	—		3,315		428		—			3,743
Other Intangible Assets – net	—		91		428		—			519
Other Assets	4		95		648		—			747
Deferred Income Taxes	20		—		—		(20		)	—
Intercompany Receivable	28		—		3,306		(3,334		)	—
Investment in Subsidiaries	4,687		3,225		—		(7,912		)	—
Total Assets	$	6,173	$	14,511	$	11,896	$	(11,275	)	$	21,305
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	6	$	2	$	—		$	8
Merchandise accounts payable	—		1,086		1,304		—			2,390
Accounts payable and accrued liabilities	7		980		1,233		—			2,220
Income taxes	—		36		78		(9		)	105
Deferred income taxes	—		301		80		—			381
Total Current Liabilities	7		2,409		2,697		(9		)	5,104
Long-Term Debt	—		7,141		21		—			7,162
Intercompany Payable	—		3,330		4		(3,334		)	—
Deferred Income Taxes	—		576		748		(20		)	1,304
Other Liabilities	66		489		1,080		—			1,635
Shareholders' Equity (Deficit)	6,100		566		7,346		(7,912		)	6,100
Total Liabilities and Shareholders' Equity	$	6,173	$	14,511	$	11,896	$	(11,275	)	$	21,305

13

MACY'S, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Unaudited)

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks EndedMay 3, 2014

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	2,918		$	5,457		$	(2,096	)	$	6,279
Cost of sales	—			(1,886		)	(4,046		)	2,096			(3,836		)
Gross margin	—			1,032			1,411			—			2,443
Selling, general and administrative expenses	(2		)	(1,008		)	(990		)	—			(2,000		)
Operating income (loss)	(2		)	24			421			—			443
Interest (expense) income, net:
External	—			(100		)	—			—			(100		)
Intercompany	—			(58		)	58			—			—
Equity in earnings of subsidiaries	225			66			—			(291		)	—
Income (loss) before income taxes	223			(68		)	479			(291		)	343
Federal, state and local income tax benefit (expense)	1			38			(158		)	—			(119		)
Net income (loss)	$	224		$	(30	)	$	321		$	(291	)	$	224
Comprehensive income (loss)	$	228		$	(26	)	$	323		$	(297	)	$	228

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MACY'S, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Unaudited)

Condensed Consolidating Statement of Cash Flows

For the 13 Weeks EndedMay 3, 2014

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income (loss)	$	224		$	(30	)	$	321		$	(291	)	$	224
Equity in earnings of subsidiaries	(225		)	(66		)	—			291			—
Dividends received from subsidiaries	167			—			—			(167		)	—
Depreciation and amortization	—			113			140			—			253
(Increase) decrease in working capital	87			(6		)	(377		)	—			(296		)
Other, net	5			(15		)	3			—			(7		)
Net cash provided (used) by operating activities	258			(4		)	87			(167		)	174
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	—			(46		)	(144		)	—			(190		)
Other, net	—			1			5			—			6
Net cash used by investing activities	—			(45		)	(139		)	—			(184		)
Cash flows from financing activities:
Debt repaid	—			(4		)	(1		)	—			(5		)
Dividends paid	(92		)	—			(167		)	167			(92		)
Common stock acquired, net of issuance of common stock	(277		)	—			—			—			(277		)
Intercompany activity, net	(370		)	121			249			—			—
Other, net	(49		)	(23		)	61			—			(11		)
Net cash provided (used) by financing activities	(788		)	94			142			167			(385		)
Net increase (decrease) in cash and cash equivalents	(530		)	45			90			—			(395		)
Cash and cash equivalents at beginning of period	1,955			84			234			—			2,273
Cash and cash equivalents at end of period	$	1,425		$	129		$	324		$	—		$	1,878

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MACY'S, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Unaudited)

Condensed Consolidating Balance Sheet

As of January 31, 2015

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,908	$	94	$	244	$	—		$	2,246
Receivables	—		97		327		—			424
Merchandise inventories	—		2,817		2,699		—			5,516
Prepaid expenses and other current assets	—		113		380		—			493
Income taxes	88		—		—		(88		)	—
Total Current Assets	1,996		3,121		3,650		(88		)	8,679
Property and Equipment – net	—		4,315		3,485		—			7,800
Goodwill	—		3,315		428		—			3,743
Other Intangible Assets – net	—		73		423		—			496
Other Assets	1		74		668		—			743
Deferred Income Taxes	10		—		—		(10		)	—
Intercompany Receivable	—		—		4,140		(4,140		)	—
Investment in Subsidiaries	4,655		3,526		—		(8,181		)	—
Total Assets	$	6,662	$	14,424	$	12,794	$	(12,419	)	$	21,461
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	75	$	1	$	—		$	76
Merchandise accounts payable	—		784		909		—			1,693
Accounts payable and accrued liabilities	42		1,360		1,707		—			3,109
Income taxes	—		22		362		(88		)	296
Deferred income taxes	—		295		67		—			362
Total Current Liabilities	42		2,536		3,046		(88		)	5,536
Long-Term Debt	—		7,245		20		—			7,265
Intercompany Payable	1,215		2,925		—		(4,140		)	—
Deferred Income Taxes	—		414		677		(10		)	1,081
Other Liabilities	27		593		1,581		—			2,201
Shareholders' Equity (Deficit)	5,378		711		7,470		(8,181		)	5,378
Total Liabilities and Shareholders' Equity	$	6,662	$	14,424	$	12,794	$	(12,419	)	$	21,461

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MACY'S, INC.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

For purposes of the following discussion, all references to "first quarter of 2015" and "first quarter of 2014" are to the Company's 13-week fiscal periods ended May 2, 2015 and May 3, 2014, respectively.

The following discussion should be read in conjunction with the Consolidated Financial Statements and the related notes included elsewhere in this report, as well as the financial and other information included in the 2014 10-K. The following discussion contains forward-looking statements that reflect the Company's plans, estimates and beliefs. The Company's actual results could materially differ from those discussed in these forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those discussed below and elsewhere in this report (particularly in "Forward-Looking Statements") and in the 2014 10-K (particularly in "Risk Factors").

Overview

The Company is an omnichannel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and Bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. The Company's operations include approximately 885 stores in 45 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com, bloomingdales.com and bluemercury.com. In addition, Bloomingdale's in Dubai, United Arab Emirates is operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC.

The Company continues to be focused on three key strategies for continued growth in sales, earnings and cash flow in the years ahead: (i) maximizing the My Macy's localization initiative; (ii) driving the omnichannel business; and (iii) embracing customer centricity, including engaging customers on the selling floor through the Magic Selling program.

Through the My Macy's localization initiative, the Company has invested in talent, technology and marketing which ensures that core customers surrounding each Macy's store find merchandise assortments, size ranges, marketing programs and shopping experiences that are custom-tailored to their needs. My Macy's has provided for more local decision-making in every Macy's community, and involves tailoring merchandise assortments, space allocations, service levels, visual merchandising and special events on a store-by-store basis.

The Company's omnichannel strategy allows customers to shop seamlessly in stores and online, via computers or mobile devices. A pivotal part of the omnichannel strategy is the Company's ability to allow associates in any store to sell a product that may be unavailable locally by shipping merchandise from other stores or customer fulfillment centers to the customer's door. Likewise, the Company's customer fulfillment centers can draw on store inventories nationwide to fill orders that originate online, via computers or mobile devices. Nearly all Macy's and Bloomingdale's stores are fulfilling orders from other stores and/or online for shipment and fulfilling orders for store pick-up related to online purchases. Starting November 1, 2014, same-day delivery pilots were tested in eight Macy's markets and four Bloomingdale's markets and in 2015 same-day delivery will be expanded to additional markets.

Macy's Magic Selling program is an approach to customer engagement that helps Macy's to better understand the needs of customers, as well as to provide options and advice. This comprehensive ongoing training and coaching program is designed to improve the in-store shopping experience and all other customer interactions.

In January 2015, the Company announced a series of initiatives, including a restructuring of merchandising and marketing functions consistent with its omnichannel approach to retailing, as well as a series of adjustments to its field and store operations designed to increase productivity and efficiency. These changes are intended to support continued growth and an enhanced shopping experience online and via mobile, as well as in stores.

The Company is also focused on driving additional profitable sales growth through a series of organic and new business initiatives. The initiatives include a focus on key categories (e.g., active, dresses and jewelry), key store locations, loyalty programs, gift registry and wedding offerings, best and private brands, off-price and additional potential international and new store formats.

In March 2015, the Company completed its acquisition of Bluemercury, Inc., a luxury beauty products and spa retailer. The Company is focused on accelerating the growth of sales in self-standing Bluemercury stores in urban and suburban markets, enhancing Bluemercury's online capabilities and adding selected Bluemercury products and boutiques to Macy's stores nationwide.

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MACY'S, INC.

In May 2015, the Company launched Plenti, the innovative loyalty program that brings powerful brands together to give customers the chance to earn and redeem points where they choose. The loyalty program is free to join and members earn points on virtually all purchases at Macy's and other businesses that have joined as Plenti partners.

Also in May 2015, the Company announced that the first four pilot stores in Macy's new off-price business, Macy's Backstage, will open in the fall season of fiscal 2015 in metro New York City. The four Macy's Backstage locations will average about 30,000 square feet and offer a compelling assortment of women's, men's and children's apparel, shoes, fashion accessories, housewares, home textiles, intimate apparel and jewelry.

In the remainder of fiscal 2015, the Company intends to open one new Macy's store, one new Bloomingdale's store, one new Bloomingdale's Outlet store, four new Macy's Backstage stores, and 14 new Bluemercury stores. One new Bluemercury store was opened since the acquisition in March. The Company did not open any new stores during the first quarter of 2014.

The Company's operations are impacted by competitive pressures from department stores, specialty stores, mass merchandisers, online retailers and all other retail channels. The Company's operations are also impacted by general consumer spending levels, including the impact of general economic conditions, consumer disposable income levels, consumer confidence levels, the availability, cost and level of consumer debt, the costs of basic necessities and other goods and the effects of weather or natural disasters and other factors over which the Company has little or no control.

In recent years, consumer spending levels have been affected to varying degrees by a number of factors, including modest economic growth, uncertainty regarding governmental spending and tax policies, high unemployment levels, tightened consumer credit, a slowly improving housing market and a rising stock market. These factors have affected to varying degrees the amount of funds that consumers are willing and able to spend for discretionary purchases, including purchases of some of the merchandise offered by the Company.

All economic conditions ultimately affect the Company's overall operations. However, the effects of economic conditions can be experienced differently and at different times, in the various geographic regions in which the Company operates, in relation to the different types of merchandise that the Company offers for sale, or in relation to each of the Company's branded operations.

Based on its assessment of current and anticipated market conditions and its recent performance, the Company continues to expect comparable sales growth on an owned plus licensed basis of approximately 2% in fiscal 2015, with comparable sales slightly lower on an owned basis. The Company continues to expect that its total sales in fiscal 2015 will increase approximately 1% from 2014 levels and that its earnings per share in fiscal 2015 will be in the range of $4.70 to $4.80.

Results of Operations

Comparison of the First Quarter of 2015 and the First Quarter of 2014

	First Quarter of 2015							First Quarter of 2014
	Amount				% to Sales			Amount				% to Sales
	(dollars in millions, except per share figures)
Net sales	$	6,232						$	6,279
Decrease in sales	(0.7		)	%				(1.7		)	%
Decrease in comparable sales	(0.7		)	%				(1.6		)	%
Cost of sales	(3,800		)		(61.0	)	%	(3,836		)		(61.1	)	%
Gross margin	2,432				39.0		%	2,443				38.9		%
Selling, general and administrative expenses	(2,023		)		(32.4	)	%	(2,000		)		(31.8	)	%
Operating income	409				6.6		%	443				7.1		%
Interest expense - net	(95		)					(100		)
Income before income taxes	314							343
Federal, state and local income tax expense	(121		)					(119		)
Net income	$	193			3.1		%	$	224			3.6		%
Diluted earnings per share	$	.56						$	.60

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MACY'S, INC.

Diluted Earnings Per Share

Diluted earnings per share for the first quarter of 2015 decreased $.04 or 6.7% compared to the first quarter of 2014, reflecting lower net income, partially offset by lower average diluted shares.

Net Income

Net income for the first quarter of 2015 decreased $31 million or 13.8% compared to the first quarter of 2014, reflecting lower net sales and gross margin in dollars and higher selling, general and administrative (“SG&A”) expenses, partially offset by lower interest expense.

Net Sales

Net sales for the first quarter of 2015 decreased $47 million or 0.7% compared to the first quarter of 2014. The decrease in comparable sales on an owned basis for the first quarter of 2015 was 0.7% compared to the first quarter of 2014. The decrease in comparable sales on an owned plus licensed basis for the first quarter of 2015 was 0.1% compared to the first quarter of 2014. (See page 20 for information regarding the Company's calculation of comparable sales, a reconciliation of the non-GAAP measure which takes into account sales of departments licensed to third parties to the most comparable GAAP measure and other important information.) Sales in the southern regions continued to perform better relative to northern regions in the first quarter of 2015, while sales at certain locations that are frequented by international tourists, such as New York City, Las Vegas, San Francisco and Chicago, were negatively impacted by lower levels of spending by such tourists. Sales in the first quarter of 2015 were also negatively impacted by delays in inventory receipts due to West Coast port issues, disruption from the restructuring of the Company's merchandising and marketing functions, and unseasonably cold weather in the beginning of the quarter. By family of business, sales in the first quarter of 2015 were stronger in active apparel, dresses, furniture and mattresses. Sales in the first quarter of 2015 were weaker in fashion jewelry, watches, tabletop and housewares.

Cost of Sales

Cost of sales for the first quarter of 2015 decreased $36 million and the cost of sales rate as a percent to net sales decreased 10 basis points from the first quarter of 2014 to 61.0% for the first quarter of 2015. The application of the last-in, first-out (LIFO) retail inventory method did not result in the recognition of any LIFO charges or credits affecting cost of sales in either period.

Selling, General and Administrative Expenses

SG&A expenses for the first quarter of 2015 increased $23 million or 1.2% from the first quarter of 2014. The SG&A rate as a percent to net sales of 32.4% was 60 basis points higher in the first quarter of 2015, as compared to the first quarter of 2014. SG&A expenses in the first quarter of 2015 were negatively impacted by higher depreciation and amortization expense, higher retirement expenses (including Pension Plan, SERP and 401(k) expenses), and continued investments in the Company's omnichannel operations and investments in other new growth initiatives, partially offset by higher income from credit operations and expense benefits from the restructuring initiatives announced in January 2015. Retirement expenses were $21 million in the first quarter of 2015, compared to $19 million in the first quarter of 2014. Income from credit operations was $179 million in the first quarter of 2015, compared to $171 million in the first quarter of 2014, reflecting continued profitability of the portfolio.

Net Interest Expense

Net interest expense for the first quarter of 2015 decreased $5 million from the first quarter of 2014. Net interest expense for the first quarter of 2015 benefited from lower rates on outstanding borrowings as compared to the first quarter of 2014.

Effective Tax Rate

The Company's effective tax rate of 38.5% for the first quarter of 2015 and 34.7% for the first quarter of 2014 differ from the federal income tax statutory rate of 35%, and on a comparative basis, principally because of the effect of state and local income taxes, including the settlement of various tax issues and tax examinations.

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MACY'S, INC.

Important Information Regarding Non-GAAP Financial Measures

The Company reports its financial results in accordance with generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures provide users of the Company's financial information with additional useful information in evaluating operating performance. Management believes that providing changes in comparable sales on an owned plus licensed basis, which includes the impact of growth in comparable sales of departments licensed to third parties, supplementally to its results of operations calculated in accordance with GAAP assists in evaluating the Company's ability to generate sales growth, whether through owned businesses or departments licensed to third parties, on a comparable basis, and in evaluating the impact of changes in the manner in which certain departments are operated. Management also believes that the combined measure is useful in assessing changes in total customer demand at Macy's and Bloomingdale's stores.

See the table below for supplemental financial data and a corresponding reconciliation to the most directly comparable GAAP financial measure. The Company's non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, the Company's financial results prepared in accordance with GAAP. Certain of the items that may be excluded or included in this non-GAAP financial measure may be significant items that could impact the Company's financial position, results of operations and cash flows and should therefore be considered in assessing the Company's actual financial condition and performance. Additionally, the amounts received by the Company on account of sales of departments licensed to third parties are limited to commissions received on such sales. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies.

	First Quarter of 2015		First Quarter of 2014
Decrease in comparable sales on an owned basis (note 1)	(0.7	)%	(1.6	)%
Impact of growth in comparable sales of departments licensed to third parties (note 2)	0.6	%	0.8	%
Decrease in comparable sales on an owned plus licensed basis	(0.1	)%	(0.8	)%

Notes:

(1) Represents the period-to-period percentage change in net sales from stores in operation throughout the year presented and the immediately preceding year and all online sales, excluding commissions from departments licensed to third parties. Stores undergoing remodeling, expansion or relocation remain in the comparable sales calculation unless the store is closed for a significant period of time. Definitions and calculations of comparable sales differ among companies in the retail industry.

(2) Represents the impact of including the sales of departments licensed to third parties occurring in stores in operation throughout the year presented and the immediately preceding year and via the Internet in the calculation of comparable sales. The Company licenses third parties to operate certain departments in its stores and online and receives commissions from these third parties based on a percentage of their net sales. In its financial statements prepared in conformity with GAAP, the Company includes these commissions (rather than the sales of the departments licensed to third parties) in its net sales. The Company does not, however, include any amounts in respect of licensed department sales (or any commissions earned on such sales) in its comparable sales in accordance with GAAP (i.e., on an owned basis). The Company believes that the amounts of commissions earned on sales of departments licensed to third parties are not material to its results of operations for the periods presented.

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MACY'S, INC.

Liquidity and Capital Resources

The Company's principal sources of liquidity are cash from operations, cash on hand and the credit facility described below.

Operating Activities

Net cash provided by operating activities in the first quarter of 2015 was $53 million, compared to $174 million provided in the first quarter of 2014, and reflects lower net income, a larger increase in merchandise inventories net of merchandise accounts payable and the payment of a higher 401(k) defined contribution plan matching contribution in the first quarter of 2015 as compared to the first quarter of 2014.

Investing Activities

Net cash used by investing activities was $381 million in the first quarter of 2015, compared to net cash used by investing activities of $184 million in the first quarter of 2014. Investing activities for the first quarter of 2015 include the acquisition of Bluemercury, Inc., net of cash acquired, for $212 million. Investing activities for the first quarter of 2015 also include purchases of property and equipment totaling $180 million and capitalized software of $63 million, compared to purchases of property and equipment totaling $151 million and capitalized software of $49 million for the first quarter of 2014.

Financing Activities

Net cash used by the Company for financing activities was $409 million for the first quarter of 2015, including $359 million for the acquisition of the Company's common stock, primarily under its share repurchase program, the payment of $106 million of cash dividends, and a decrease in outstanding checks of $41 million, partially offset by $100 million from the issuance of common stock, primarily related to the exercise of stock options.

During the first quarter of 2015, the Company repurchased approximately 5.9 million shares of its common stock pursuant to existing stock purchase authorizations for a total of approximately $385 million. As of May 2, 2015, the Company had $647 million of authorization remaining under its share repurchase program. On May 13, 2015, the Company announced that the Board of Directors approved an additional $1,500 million in authorization to purchase common stock, bringing the Company's remaining authorization under its share repurchase program to $2,147 million. The Company may continue or, from time to time, suspend repurchases of shares under its share repurchase program, depending on prevailing market conditions, alternate uses of capital and other factors.

Net cash used by the Company for financing activities was $385 million for the first quarter of 2014, including $403 million for the acquisition of the Company's common stock, primarily under its share repurchase program, the payment of $92 million of cash dividends, and a decrease in outstanding checks of $11 million, partially offset by $126 million from the issuance of common stock, primarily related to the exercise of stock options.

The Company is a party to a credit agreement with certain financial institutions that requires the Company to maintain a specified interest coverage ratio for the latest four quarters of no less than 3.25 and a specified leverage ratio as of and for the latest four quarters of no more than 3.75. The Company's interest coverage ratio for the first quarter of 2015 was 9.75 and its leverage ratio at May 2, 2015 was 1.84, in each case as calculated in accordance with the credit agreement.

On May 13, 2015, the Company announced that the Board of Directors declared a quarterly dividend of 36 cents per share on its common stock, payable July 1, 2015 to Macy's shareholders of record at the close of business on June 15, 2015. This dividend is an increase from the previous quarterly dividend rate of 31.25 cents per share and represents the fifth increase in the dividend in the past four years.

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MACY'S, INC.

Liquidity and Capital Resources Outlook

Management believes that, with respect to the Company's current operations, cash on hand and funds from operations, together with its credit facility and other capital resources, will be sufficient to cover the Company's reasonably foreseeable working capital, capital expenditure and debt service requirements and other cash requirements in both the near term and over the longer term. The Company's ability to generate funds from operations may be affected by numerous factors, including general economic conditions and levels of consumer confidence and demand; however, the Company expects to be able to manage its working capital levels and capital expenditure amounts so as to maintain sufficient levels of liquidity. To the extent that the Company's cash balances from time to time exceed amounts that are needed to fund its immediate liquidity requirements, the Company will consider alternative uses of some or all of such excess cash. Such alternative uses may include, among others, the redemption or repurchase of debt, equity or other securities through open market purchases, privately negotiated transactions or otherwise, and the funding of pension related obligations. Depending upon its actual and anticipated sources and uses of liquidity, conditions in the capital markets and other factors, the Company will from time to time consider the issuance of debt or other securities, or other possible capital markets transactions, for the purpose of raising capital which could be used to refinance current indebtedness or for other corporate purposes, including the redemption or repurchase of debt, equity or other securities through open market purchases, privately negotiated transactions or otherwise, and the funding of pension related obligations.

The Company intends from time to time to consider additional acquisitions of, and investments in, retail businesses and other complementary assets and companies. Acquisition transactions, if any, are expected to be financed from one or more of the following sources: cash on hand, cash from operations, borrowings under existing or new credit facilities and the issuance of long-term debt or other securities, including common stock.

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MACY'S, INC.

Item 4. Controls and Procedures.

The Company's Chief Executive Officer and Chief Financial Officer have carried out, as of May 2, 2015, with the participation of the Company's management, an evaluation of the effectiveness of the Company's disclosure controls and procedures, as defined in Rule 13a-15(e) under the Exchange Act. Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that the Company's disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by the Company in reports the Company files under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC rules and forms, and that information required to be disclosed by the Company in the reports the Company files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

There were no changes in the Company's internal controls over financial reporting that occurred during the Company's most recently completed fiscal quarter that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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MACY'S, INC.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

The Company and its subsidiaries are involved in various proceedings that are incidental to the normal course of their businesses. As of the date of this report, the Company does not expect that any of such proceedings will have a material adverse effect on the Company’s financial position or results of operations.

Item 1A. Risk Factors.

There have been no material changes to the Risk Factors described in Part I, "Item 1A. Risk Factors" in the Company's Annual Report of Form 10-K for the fiscal year ended January 31, 2015 as filed with the SEC.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The following table provides information regarding the Company's purchases of Common Stock during the first quarter of 2015.

	Total Number of Shares Purchased	Average Price per Share ($)	Number of Shares Purchased under Program (1)	Open Authorization Remaining (1)($)
	(thousands)		(thousands)	(millions)
February 1, 2015 – February 28, 2015	13	63.52	—	1,032
March 1, 2015 – April 4, 2015	3,235	64.14	3,235	825
April 5, 2015 – May 2, 2015	2,634	67.30	2,634	647
	5,882	65.56	5,869

 ___________________

(1) Commencing in January 2000, the Company's Board of Directors has from time to time approved authorizations to purchase, in the aggregate, up to $15 billion of Common Stock as of May 2, 2015. All authorizations are cumulative and do not have an expiration date. As of May 2, 2015, $647 million of authorization remained unused. On May 13, 2015, the Company announced that the Board of Directors approved an additional $1,500 million in authorization to purchase common stock, bringing the Company's remaining authorization under its share repurchase program to $2,147 million. The Company may continue, discontinue or resume purchases of Common Stock under these or possible future authorizations in the open market, in privately negotiated transactions or otherwise at any time and from time to time without prior notice.

Item 4. Mine Safety Disclosures.

Not Applicable.

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MACY'S, INC.

Item 5. Other Information.

Forward-Looking Statements

This report and other reports, statements and information previously or subsequently filed by the Company with the Securities and Exchange Commission (the "SEC") contain or may contain forward-looking statements. Such statements are based upon the beliefs and assumptions of, and on information available to, the management of the Company at the time such statements are made. The following are or may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995: (i) statements preceded by, followed by or that include the words "may," "will," "could," "should," "believe," "expect," "future," "potential," "anticipate," "intend," "plan," "think," "estimate" or "continue" or the negative or other variations thereof, and (ii) statements regarding matters that are not historical facts. Such forward-looking statements are subject to various risks and uncertainties, including risks and uncertainties relating to:

• the possible invalidity of the underlying beliefs and assumptions;

• competitive pressures from department and specialty stores, general merchandise stores, manufacturers' outlets, off-price and discount stores, and all other retail channels, including the Internet, mail-order catalogs and television;

• general consumer-spending levels, including the impact of general economic conditions, consumer disposable income levels, consumer confidence levels, the availability, cost and level of consumer debt, the costs of basic necessities and other goods and the effects of the weather or natural disasters;

• conditions to, or changes in the timing of, proposed transactions and changes in expected synergies, cost savings and non-recurring charges;

• possible changes or developments in social, economic, business, industry, market, legal and regulatory circumstances and conditions;

• possible actions taken or omitted to be taken by third parties, including customers, suppliers, business partners, competitors and legislative, regulatory, judicial and other governmental authorities and officials;

• changes in relationships with vendors and other product and service providers;

• currency, interest and exchange rates and other capital market, economic and geo-political conditions;

• severe or unseasonable weather, possible outbreaks of epidemic or pandemic diseases and natural disasters;

• unstable political conditions, civil unrest, terrorist activities and armed conflicts;

• the possible inability of the Company's manufacturers or transporters to deliver products in a timely manner or meet the Company's quality standards;

• the Company's reliance on foreign sources of production, including risks related to the disruption of imports by labor disputes, regional health pandemics, and regional political and economic conditions;

• duties, taxes, other charges and quotas on imports; and

• possible systems failures and/or security breaches, including, any security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or company information, or the failure to comply with various laws applicable to the Company in the event of such a breach.

In addition to any risks and uncertainties specifically identified in the text surrounding such forward-looking statements, the statements in the immediately preceding sentence and the statements under captions such as "Risk Factors" and "Special Considerations" in reports, statements and information filed by the Company with the SEC from time to time constitute cautionary statements identifying important factors that could cause actual amounts, results, events and circumstances to differ materially from those expressed in or implied by such forward-looking statements.

25

MACY'S, INC.

Item 6. Exhibits.

31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a)
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a)
32.1	Certification by Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act
32.2	Certification by Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act
101**	The following financial statements from Macy's, Inc.'s Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, filed on June 4, 2015, formatted in XBRL: (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, and (v) the Notes to Consolidated Financial Statements, tagged as blocks of text and in detail.

___________________

26

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MACY’S, INC.
By:	/s/    DENNIS J. BRODERICK
	Dennis J. Broderick Executive Vice President, General Counsel and Secretary
By:	/s/    JOEL A. BELSKY
	Joel A. Belsky Executive Vice President and Controller (Principal Accounting Officer)

Date: June 4, 2015

27

EX-31.1

Exhibit 31.1

CERTIFICATION
I, Terry J. Lundgren, certify that:
	1	I have reviewed this quarterly report on Form 10-Q of Macy's, Inc.;
	2	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
	3	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
	4	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
		a.	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
		b.	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
		c.	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

		d.	disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
	5	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
		a.	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
		b.	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
June 4, 2015				/s/ Terry J. Lundgren
				Terry J. Lundgren
				Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION
I, Karen M. Hoguet, certify that:
	1	I have reviewed this quarterly report on Form 10-Q of Macy's, Inc.;
	2	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
	3	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
	4	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
		a.	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
		b.	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
		c.	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

		d.	disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
	5	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
		a.	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
		b.	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
June 4, 2015				/s/ Karen M. Hoguet
				Karen M. Hoguet
				Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with the filing of the Form 10-Q of Macy's, Inc. (the "Company") for the fiscal quarter ended May 2, 2015, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned officer of the Company certifies that, to his knowledge:
	1	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
	2	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
Dated:  June 4, 2015
			/s/ Terry J. Lundgren
			Name: Terry J. Lundgren
			Title: Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with the filing of the Form 10-Q of Macy's, Inc. (the "Company") for the fiscal quarter ended May 2, 2015, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned officer of the Company certifies that, to her knowledge:
	1	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
	2	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
Dated:  June 4, 2015
			/s/ Karen M. Hoguet
			Name: Karen M. Hoguet
			Title: Chief Financial Officer

XML

Fair Value Measurements (Financial Assets Measured At Fair Value On A Recurring Basis) (Details) (USD $) In Millions, unless otherwise specified	May 02, 2015	May 03, 2014
Marketable equity and debt securities	$ 104	$ 91
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Marketable equity and debt securities	0	0
Significant Observable Inputs (Level 2) [Member]
Marketable equity and debt securities	104	91
Significant Unobservable Inputs (Level 3) [Member]
Marketable equity and debt securities	$ 0	$ 0

XML

Financing Activities

3 Months Ended

May 02, 2015

Financing Activities [Abstract]

Financing Activities

Financing Activities

The following table shows the detail of debt repayments:

	13 Weeks Ended
	May 2, 2015		May 3, 2014
	(millions)
9.5% amortizing debentures due 2021	$	2	$	2
9.75% amortizing debentures due 2021	1		1
Capital leases and other obligations	—		2
	$	3	$	5

During the 13 weeks endedMay 2, 2015, the Company repurchased approximately 5.9 million shares of its common stock pursuant to existing stock purchase authorizations for a total of approximately $385 million. As of May 2, 2015, the Company had $647 million of authorization remaining under its share repurchase program. On May 13, 2015, the Company announced that the Board of Directors approved an additional $1,500 million in authorization to purchase common stock, bringing the Company's remaining authorization under its share repurchase program to $2,147 million. The Company may continue or, from time to time, suspend repurchases of shares under its share repurchase program, depending on prevailing market conditions, alternate uses of capital and other factors.

XML

Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	May 02, 2015	May 03, 2014
Cash flows from operating activities:
Net income (loss)	$ 193	$ 224
Equity in earnings of subsidiaries	0	0
Dividends received from subsidiaries	0	0
Depreciation and amortization	259	253
(Increase) decrease in working capital	(402)	(296)
Other, net	3	(7)
Net cash provided (used) by operating activities	53	174
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	(239)	(190)
Other, net	(142)	6
Net cash used by investing activities	(381)	(184)
Cash flows from financing activities:
Debt repaid	(3)	(5)
Dividends paid	(106)	(92)
(Common stock acquired) net of issuance of common stock	(259)	(277)
Intercompany activity, net	0	0
Other, net	(41)	(11)
Net cash provided (used) by financing activities	(409)	(385)
Net increase (decrease) in cash and cash equivalents	(737)	(395)
Cash and cash equivalents beginning of period	2,246	2,273
Cash and cash equivalents end of period	1,509	1,878
Parent
Cash flows from operating activities:
Net income (loss)	193	224
Equity in earnings of subsidiaries	(194)	(225)
Dividends received from subsidiaries	191	167
Depreciation and amortization	0	0
(Increase) decrease in working capital	43	87
Other, net	24	5
Net cash provided (used) by operating activities	257	258
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	0	0
Other, net	0	0
Net cash used by investing activities	0	0
Cash flows from financing activities:
Debt repaid	0	0
Dividends paid	(106)	(92)
(Common stock acquired) net of issuance of common stock	(259)	(277)
Intercompany activity, net	(669)	(370)
Other, net	(53)	(49)
Net cash provided (used) by financing activities	(1,087)	(788)
Net increase (decrease) in cash and cash equivalents	(830)	(530)
Cash and cash equivalents beginning of period	1,908	1,955
Cash and cash equivalents end of period	1,078	1,425
Subsidiary Issuer
Cash flows from operating activities:
Net income (loss)	(69)	(30)
Equity in earnings of subsidiaries	(60)	(66)
Dividends received from subsidiaries		0
Depreciation and amortization	106	113
(Increase) decrease in working capital	16	(6)
Other, net	(6)	(15)
Net cash provided (used) by operating activities	(13)	(4)
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	(69)	(46)
Other, net	7	1
Net cash used by investing activities	(62)	(45)
Cash flows from financing activities:
Debt repaid	(3)	(4)
Dividends paid	0	0
(Common stock acquired) net of issuance of common stock	0	0
Intercompany activity, net	146	121
Other, net	(47)	(23)
Net cash provided (used) by financing activities	96	94
Net increase (decrease) in cash and cash equivalents	21	45
Cash and cash equivalents beginning of period	94	84
Cash and cash equivalents end of period	115	129
Other Subsidiaries
Cash flows from operating activities:
Net income (loss)	323	321
Equity in earnings of subsidiaries	0	0
Dividends received from subsidiaries	0	0
Depreciation and amortization	153	140
(Increase) decrease in working capital	(461)	(377)
Other, net	(15)	3
Net cash provided (used) by operating activities	0	87
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	(170)	(144)
Other, net	(149)	5
Net cash used by investing activities	(319)	(139)
Cash flows from financing activities:
Debt repaid	0	(1)
Dividends paid	(191)	(167)
(Common stock acquired) net of issuance of common stock	0	0
Intercompany activity, net	523	249
Other, net	59	61
Net cash provided (used) by financing activities	391	142
Net increase (decrease) in cash and cash equivalents	72	90
Cash and cash equivalents beginning of period	244	234
Cash and cash equivalents end of period	316	324
Consolidating Adjustments
Cash flows from operating activities:
Net income (loss)	(254)	(291)
Equity in earnings of subsidiaries	254	291
Dividends received from subsidiaries	(191)	(167)
Depreciation and amortization	0	0
(Increase) decrease in working capital	0	0
Other, net	0	0
Net cash provided (used) by operating activities	(191)	(167)
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	0	0
Other, net	0	0
Net cash used by investing activities	0	0
Cash flows from financing activities:
Debt repaid	0	0
Dividends paid	191	167
(Common stock acquired) net of issuance of common stock	0	0
Intercompany activity, net	0	0
Other, net	0	0
Net cash provided (used) by financing activities	191	167
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents beginning of period	0	0
Cash and cash equivalents end of period	$ 0	$ 0

XML

Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	May 02, 2015	May 03, 2014
Net sales	$ 6,232	$ 6,279
Cost of sales	(3,800)	(3,836)
Gross margin	2,432	2,443
Selling, general and administrative expenses	(2,023)	(2,000)
Operating income (loss)	409	443
Interest (expense) income, net
External	(95)	(100)
Intercompany	0	0
Equity in earnings of subsidiaries	0	0
Income (loss) before income taxes	314	343
Federal, state and local income tax benefit (expense)	(121)	(119)
Net income (loss)	193	224
Comprehensive income (loss)	201	228
Parent
Net sales	0	0
Cost of sales	0	0
Gross margin	0	0
Selling, general and administrative expenses	(1)	(2)
Operating income (loss)	(1)	(2)
Interest (expense) income, net
External	0	0
Intercompany	0	0
Equity in earnings of subsidiaries	194	225
Income (loss) before income taxes	193	223
Federal, state and local income tax benefit (expense)	0	1
Net income (loss)	193	224
Comprehensive income (loss)	201	228
Subsidiary Issuer
Net sales	2,776	2,918
Cost of sales	(1,809)	(1,886)
Gross margin	967	1,032
Selling, general and administrative expenses	(980)	(1,008)
Operating income (loss)	(13)	24
Interest (expense) income, net
External	(95)	(100)
Intercompany	(58)	(58)
Equity in earnings of subsidiaries	60	66
Income (loss) before income taxes	(106)	(68)
Federal, state and local income tax benefit (expense)	37	38
Net income (loss)	(69)	(30)
Comprehensive income (loss)	(61)	(26)
Other Subsidiaries
Net sales	5,691	5,457
Cost of sales	(4,226)	(4,046)
Gross margin	1,465	1,411
Selling, general and administrative expenses	(1,042)	(990)
Operating income (loss)	423	421
Interest (expense) income, net
External	0	0
Intercompany	58	58
Equity in earnings of subsidiaries	0	0
Income (loss) before income taxes	481	479
Federal, state and local income tax benefit (expense)	(158)	(158)
Net income (loss)	323	321
Comprehensive income (loss)	327	323
Consolidating Adjustments
Net sales	(2,235)	(2,096)
Cost of sales	2,235	2,096
Gross margin	0	0
Selling, general and administrative expenses	0	0
Operating income (loss)	0	0
Interest (expense) income, net
External	0	0
Intercompany	0	0
Equity in earnings of subsidiaries	(254)	(291)
Income (loss) before income taxes	(254)	(291)
Federal, state and local income tax benefit (expense)	0	0
Net income (loss)	(254)	(291)
Comprehensive income (loss)	$ (266)	$ (297)

XML

Earnings Per Share

3 Months Ended

May 02, 2015

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	13 Weeks Ended
	May 2, 2015					May 3, 2014
	Net Income				Shares	Net Income				Shares
	(millions, except per share data)
Net income and average number of shares outstanding	$	193			339.8	$	224			364.8
Shares to be issued under deferred compensation and other plans					0.9					1.1
	$	193			340.7	$	224			365.9
Basic earnings per share			$	.57				$	.61
Effect of dilutive securities:
Stock options, restricted stock and restricted stock units					5.8					6.7
	$	193			346.5	$	224			372.6
Diluted earnings per share			$	.56				$	.60

In addition to the stock options, restricted stock and restricted stock units reflected in the foregoing table, stock options to purchase 6.5 million shares of common stock and restricted stock units relating to 1.4 million shares of common stock were outstanding at May 2, 2015, but were not included in the computation of diluted earnings per share for the 13 weeks endedMay 2, 2015 because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met.

In addition to the stock options, restricted stock and restricted stock units reflected in the foregoing table, stock options to purchase 3.3 million shares of common stock and restricted stock units relating to 1.1 million shares of common stock were outstanding at May 3, 2014, but were not included in the computation of diluted earnings per share for the 13 weeks endedMay 3, 2014 because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met.

XML

Consolidated Statements of Income (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	May 02, 2015	May 03, 2014
Income Statement [Abstract]
Net sales	$ 6,232	$ 6,279
Cost of sales	(3,800)	(3,836)
Gross margin	2,432	2,443
Selling, general and administrative expenses	(2,023)	(2,000)
Operating income (loss)	409	443
Interest expense	(95)	(100)
Interest income	0	0
Income (loss) before income taxes	314	343
Federal, state and local income tax expense	(121)	(119)
Net income (loss)	$ 193	$ 224
Basic earnings per share	$ 0.57	$ 0.61
Diluted earnings per share	$ 0.56	$ 0.60

XML

Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	3 Months Ended
	May 02, 2015	May 03, 2014
Net income (loss)	$ 193	$ 224
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	259	253
Stock-based compensation expense	18	21
Amortization of financing costs and premium on acquired debt	(1)	(2)
Changes in assets and liabilities:
Decrease in receivables	167	163
Increase in merchandise inventories	(511)	(340)
Increase in prepaid expenses and other current assets	(42)	(31)
Increase in other assets not separately identified	0	(14)
Increase in merchandise accounts payable	719	628
Decrease in accounts payable, accrued liabilities and other items not separately identified	(513)	(460)
Decrease in current income taxes	(222)	(256)
Increase (decrease) in deferred income taxes	(6)	8
Decrease in other liabilities not separately identified	(8)	(20)
Net cash provided (used) by operating activities	53	174
Cash flows from investing activities:
Purchase of property and equipment	(180)	(151)
Capitalized software	(63)	(49)
Acquisition of Bluemercury, Inc., net of cash acquired	(212)	0
Disposition of property and equipment	4	10
Other, net	70	6
Net cash used by investing activities	(381)	(184)
Cash flows from financing activities:
Debt repaid	(3)	(5)
Dividends paid	(106)	(92)
Decrease in outstanding checks	(41)	(11)
Acquisition of treasury stock	(359)	(403)
Issuance of common stock	100	126
Net cash provided (used) by financing activities	(409)	(385)
Net increase (decrease) in cash and cash equivalents	(737)	(395)
Cash and cash equivalents beginning of period	2,246	2,273
Cash and cash equivalents end of period	1,509	1,878
Supplemental cash flow information:
Interest paid	81	83
Interest received	0	0
Income taxes paid (net of refunds received)	$ 314	$ 343

XML

Financing Activities (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	May 02, 2015	May 13, 2015
Stock Repurchased During Period, Shares	5.9
Stock Repurchased During Period, Value	$ 385
Stock Repurchase Program, Remaining Authorized Repurchase Amount	647
Subsequent Event [Member]
Stock Repurchase Program, Remaining Authorized Repurchase Amount		2,147
Stock Repurchase Program, Authorized Amount		$ 1,500

XML

Benefit Plans (Net Periodic Benefit Cost) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	May 02, 2015	May 03, 2014
401(k) defined contribution plan expense	$ 23	$ 25
Total Retirement Expense	21	19
Pension Plan [Member]
Service cost	2	2
Interest cost	34	38
Expected return on assets	(59)	(61)
Recognition of net actuarial (gain) loss	10	6
Amortization of prior service credit	0	0
Defined Benefit Plan, Net Periodic Benefit Cost	(13)	(15)
Supplemental Employee Retirement Plan [Member]
Service cost	0	0
Interest cost	8	8
Recognition of net actuarial (gain) loss	3	1
Amortization of prior service credit	0	0
Defined Benefit Plan, Net Periodic Benefit Cost	11	9
Other Postretirement Benefit Plan [Member]
Service cost	0	0
Interest cost	2	2
Recognition of net actuarial (gain) loss	0	(1)
Amortization of prior service credit	0	0
Defined Benefit Plan, Net Periodic Benefit Cost	$ 2	$ 1

XML

Summary of Significant Accounting Policies

3 Months Ended

May 02, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Nature of Operations

Macy's, Inc. and subsidiaries (the "Company") is an omnichannel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and Bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. The Company's operations include approximately 885 stores in 45 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com, bloomingdales.com and bluemercury.com. In addition, Bloomingdale's in Dubai, United Arab Emirates is operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC.

A description of the Company's significant accounting policies is included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2015 (the "2014 10-K"). The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto in the 2014 10-K.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts.

The Consolidated Financial Statements for the 13 weeks endedMay 2, 2015 and May 3, 2014, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company.

Seasonality

Because of the seasonal nature of the retail business, the results of operations for the 13 weeks endedMay 2, 2015 and May 3, 2014 (which do not include the Christmas season) are not necessarily indicative of such results for the full fiscal year.

Reclassifications

Certain reclassifications were made to prior years’ amounts to conform with the classifications of such amounts for the most recent fiscal period.

Comprehensive Income

Total comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income. For the Company, the only other component of total comprehensive income for the 13 weeks endedMay 2, 2015 and May 3, 2014 is the amortization of post employment and postretirement plan items. These reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income) and are included in selling, general and administrative expenses on the Consolidated Statements of Income. See Note 4, "Benefit Plans," for further information.

XML

Consolidated Statements of Comprehensive Income (USD $) In Millions, unless otherwise specified	3 Months Ended
	May 02, 2015	May 03, 2014
Net income (loss)	$ 193	$ 224
Amortization of net actuarial loss on post employment and postretirement benefit plans, before tax	13	6
Tax effect related to items of other comprehensive income	5	2
Total other comprehensive income, net of tax effect	8	4
Comprehensive income (loss)	$ 201	$ 228

XML

Fair Value Measurements (Tables)

3 Months Ended

May 02, 2015

Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]

Fair Value of Assets Measured on a Recurring Basis

The following table shows the Company's financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards:

	May 2, 2015								May 3, 2014
			Fair Value Measurements								Fair Value Measurements
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(millions)
Marketable equity and debt securities	$	104	$	—	$	104	$	—	$	91	$	—	$	91	$	—

Estimated Fair Values of Company's Long Term Debt

The following table shows the estimated fair value of the Company's long-term debt:

	May 2, 2015						May 3, 2014
	Notional Amount		Carrying Amount		Fair Value		Notional Amount		Carrying Amount		Fair Value
	(millions)
Long-term debt	$	7,070	$	7,231	$	8,020	$	6,973	$	7,145	$	7,797

XML

Document and Entity Information	3 Months Ended
	May 02, 2015	May 29, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 02, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	M
Entity Registrant Name	Macy's, Inc.
Entity Central Index Key	0000794367
Current Fiscal Year End Date	--01-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		336,410,162

XML

Condensed Consolidating Financial Information (Tables)

3 Months Ended

May 02, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet [Table Text Block]

Condensed Consolidating Balance Sheet

As of May 3, 2014

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,425	$	129	$	324	$	—		$	1,878
Receivables	—		58		217		—			275
Merchandise inventories	—		3,023		2,874		—			5,897
Prepaid expenses and other current assets	—		94		360		—			454
Income taxes	9		—		—		(9		)	—
Total Current Assets	1,434		3,304		3,775		(9		)	8,504
Property and Equipment – net	—		4,481		3,311		—			7,792
Goodwill	—		3,315		428		—			3,743
Other Intangible Assets – net	—		91		428		—			519
Other Assets	4		95		648		—			747
Deferred Income Taxes	20		—		—		(20		)	—
Intercompany Receivable	28		—		3,306		(3,334		)	—
Investment in Subsidiaries	4,687		3,225		—		(7,912		)	—
Total Assets	$	6,173	$	14,511	$	11,896	$	(11,275	)	$	21,305
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	6	$	2	$	—		$	8
Merchandise accounts payable	—		1,086		1,304		—			2,390
Accounts payable and accrued liabilities	7		980		1,233		—			2,220
Income taxes	—		36		78		(9		)	105
Deferred income taxes	—		301		80		—			381
Total Current Liabilities	7		2,409		2,697		(9		)	5,104
Long-Term Debt	—		7,141		21		—			7,162
Intercompany Payable	—		3,330		4		(3,334		)	—
Deferred Income Taxes	—		576		748		(20		)	1,304
Other Liabilities	66		489		1,080		—			1,635
Shareholders' Equity (Deficit)	6,100		566		7,346		(7,912		)	6,100
Total Liabilities and Shareholders' Equity	$	6,173	$	14,511	$	11,896	$	(11,275	)	$	21,305

Condensed Consolidating Balance Sheet

As of May 2, 2015

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,078	$	115	$	316	$	—		$	1,509
Receivables	—		48		211		—			259
Merchandise inventories	—		3,029		3,026		—			6,055
Prepaid expenses and other current assets	—		101		370		—			471
Income taxes	43		—		—		(43		)	—
Total Current Assets	1,121		3,293		3,923		(43		)	8,294
Property and Equipment – net	—		4,250		3,462		—			7,712
Goodwill	—		3,315		582		—			3,897
Other Intangible Assets – net	—		68		463		—			531
Other Assets	1		75		665		—			741
Deferred Income Taxes	22		—		—		(22		)	—
Intercompany Receivable	—		—		3,588		(3,588		)	—
Investment in Subsidiaries	4,701		3,549		—		(8,250		)	—
Total Assets	$	5,845	$	14,550	$	12,683	$	(11,903	)	$	21,175
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	75	$	1	$	—		$	76
Merchandise accounts payable	—		1,207		1,305		—			2,512
Accounts payable and accrued liabilities	13		1,043		1,355		—			2,411
Income taxes	—		10		107		(43		)	74
Deferred income taxes	—		304		66		—			370
Total Current Liabilities	13		2,639		2,834		(43		)	5,443
Long-Term Debt	—		7,240		20		—			7,260
Intercompany Payable	564		3,024				(3,588		)	—
Deferred Income Taxes	—		440		668		(22		)	1,086
Other Liabilities	61		543		1,575		—			2,179
Shareholders' Equity	5,207		664		7,586		(8,250		)	5,207
Total Liabilities and Shareholders' Equity	$	5,845	$	14,550	$	12,683	$	(11,903	)	$	21,175

Condensed Consolidating Balance Sheet

As of January 31, 2015

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,908	$	94	$	244	$	—		$	2,246
Receivables	—		97		327		—			424
Merchandise inventories	—		2,817		2,699		—			5,516
Prepaid expenses and other current assets	—		113		380		—			493
Income taxes	88		—		—		(88		)	—
Total Current Assets	1,996		3,121		3,650		(88		)	8,679
Property and Equipment – net	—		4,315		3,485		—			7,800
Goodwill	—		3,315		428		—			3,743
Other Intangible Assets – net	—		73		423		—			496
Other Assets	1		74		668		—			743
Deferred Income Taxes	10		—		—		(10		)	—
Intercompany Receivable	—		—		4,140		(4,140		)	—
Investment in Subsidiaries	4,655		3,526		—		(8,181		)	—
Total Assets	$	6,662	$	14,424	$	12,794	$	(12,419	)	$	21,461
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	75	$	1	$	—		$	76
Merchandise accounts payable	—		784		909		—			1,693
Accounts payable and accrued liabilities	42		1,360		1,707		—			3,109
Income taxes	—		22		362		(88		)	296
Deferred income taxes	—		295		67		—			362
Total Current Liabilities	42		2,536		3,046		(88		)	5,536
Long-Term Debt	—		7,245		20		—			7,265
Intercompany Payable	1,215		2,925		—		(4,140		)	—
Deferred Income Taxes	—		414		677		(10		)	1,081
Other Liabilities	27		593		1,581		—			2,201
Shareholders' Equity (Deficit)	5,378		711		7,470		(8,181		)	5,378
Total Liabilities and Shareholders' Equity	$	6,662	$	14,424	$	12,794	$	(12,419	)	$	21,461

Condensed Consolidating Statement of Comprehensive Income [Table Text Block]

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks EndedMay 2, 2015

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	2,776		$	5,691		$	(2,235	)	$	6,232
Cost of sales	—			(1,809		)	(4,226		)	2,235			(3,800		)
Gross margin	—			967			1,465			—			2,432
Selling, general and administrative expenses	(1		)	(980		)	(1,042		)	—			(2,023		)
Operating income (loss)	(1		)	(13		)	423			—			409
Interest (expense) income, net:
External	—			(95		)	—			—			(95		)
Intercompany	—			(58		)	58			—			—
Equity in earnings of subsidiaries	194			60			—			(254		)	—
Income (loss) before income taxes	193			(106		)	481			(254		)	314
Federal, state and local income tax benefit (expense)	—			37			(158		)	—			(121		)
Net income (loss)	$	193		$	(69	)	$	323		$	(254	)	$	193
Comprehensive income (loss)	$	201		$	(61	)	$	327		$	(266	)	$	201

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks EndedMay 3, 2014

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	2,918		$	5,457		$	(2,096	)	$	6,279
Cost of sales	—			(1,886		)	(4,046		)	2,096			(3,836		)
Gross margin	—			1,032			1,411			—			2,443
Selling, general and administrative expenses	(2		)	(1,008		)	(990		)	—			(2,000		)
Operating income (loss)	(2		)	24			421			—			443
Interest (expense) income, net:
External	—			(100		)	—			—			(100		)
Intercompany	—			(58		)	58			—			—
Equity in earnings of subsidiaries	225			66			—			(291		)	—
Income (loss) before income taxes	223			(68		)	479			(291		)	343
Federal, state and local income tax benefit (expense)	1			38			(158		)	—			(119		)
Net income (loss)	$	224		$	(30	)	$	321		$	(291	)	$	224
Comprehensive income (loss)	$	228		$	(26	)	$	323		$	(297	)	$	228

Condensed Consolidating Statement of Cash Flows [Table Text Block]

Condensed Consolidating Statement of Cash Flows

For the 13 Weeks EndedMay 2, 2015

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income (loss)	$	193		$	(69	)	$	323		$	(254	)	$	193
Equity in earnings of subsidiaries	(194		)	(60		)	—			254			—
Dividends received from subsidiaries	191						—			(191		)	—
Depreciation and amortization	—			106			153			—			259
(Increase) decrease in working capital	43			16			(461		)	—			(402		)
Other, net	24			(6		)	(15		)	—			3
Net cash provided (used) by operating activities	257			(13		)	—			(191		)	53
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	—			(69		)	(170		)	—			(239		)
Other, net	—			7			(149		)	—			(142		)
Net cash used by investing activities	—			(62		)	(319		)	—			(381		)
Cash flows from financing activities:
Debt repaid	—			(3		)	—			—			(3		)
Dividends paid	(106		)	—			(191		)	191			(106		)
Common stock acquired, net of issuance of common stock	(259		)	—			—			—			(259		)
Intercompany activity, net	(669		)	146			523			—			—
Other, net	(53		)	(47		)	59			—			(41		)
Net cash provided (used) by financing activities	(1,087		)	96			391			191			(409		)
Net increase (decrease) in cash and cash equivalents	(830		)	21			72			—			(737		)
Cash and cash equivalents at beginning of period	1,908			94			244			—			2,246
Cash and cash equivalents at end of period	$	1,078		$	115		$	316		$	—		$	1,509

Condensed Consolidating Statement of Cash Flows

For the 13 Weeks EndedMay 3, 2014

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income (loss)	$	224		$	(30	)	$	321		$	(291	)	$	224
Equity in earnings of subsidiaries	(225		)	(66		)	—			291			—
Dividends received from subsidiaries	167			—			—			(167		)	—
Depreciation and amortization	—			113			140			—			253
(Increase) decrease in working capital	87			(6		)	(377		)	—			(296		)
Other, net	5			(15		)	3			—			(7		)
Net cash provided (used) by operating activities	258			(4		)	87			(167		)	174
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	—			(46		)	(144		)	—			(190		)
Other, net	—			1			5			—			6
Net cash used by investing activities	—			(45		)	(139		)	—			(184		)
Cash flows from financing activities:
Debt repaid	—			(4		)	(1		)	—			(5		)
Dividends paid	(92		)	—			(167		)	167			(92		)
Common stock acquired, net of issuance of common stock	(277		)	—			—			—			(277		)
Intercompany activity, net	(370		)	121			249			—			—
Other, net	(49		)	(23		)	61			—			(11		)
Net cash provided (used) by financing activities	(788		)	94			142			167			(385		)
Net increase (decrease) in cash and cash equivalents	(530		)	45			90			—			(395		)
Cash and cash equivalents at beginning of period	1,955			84			234			—			2,273
Cash and cash equivalents at end of period	$	1,425		$	129		$	324		$	—		$	1,878

XML

Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	May 02, 2015	Jan. 31, 2015	May 03, 2014	Feb. 01, 2014
Current Assets:
Cash and cash equivalents	$ 1,509	$ 2,246	$ 1,878	$ 2,273
Receivables	259	424	275
Merchandise inventories	6,055	5,516	5,897
Prepaid expenses and other current assets	471	493	454
Total Current Assets	8,294	8,679	8,504
Property and Equipment - net	7,712	7,800	7,792
Goodwill	3,897	3,743	3,743
Other Intangible Assets - net	531	496	519
Other Assets	741	743	747
Total Assets	21,175	21,461	21,305
Current Liabilities:
Short-term debt	76	76	8
Merchandise accounts payable	2,512	1,693	2,390
Accounts payable and accrued liabilities	2,411	3,109	2,220
Income taxes	74	296	105
Deferred income taxes	370	362	381
Total Current Liabilities	5,443	5,536	5,104
Long-Term Debt	7,260	7,265	7,162
Deferred Income Taxes	1,086	1,081	1,304
Other Liabilities	2,179	2,201	1,635
Shareholders' Equity (Deficit)	5,207	5,378	6,100
Total Liabilities and Shareholders' Equity	$ 21,175	$ 21,461	$ 21,305

XML

Condensed Consolidating Financial Information

3 Months Ended

May 02, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Financial Information

    Condensed Consolidating Financial Information

Certain debt obligations of the Company, which constitute debt obligations of Macy's Retail Holdings, Inc. ("Subsidiary Issuer"), a 100%-owned subsidiary of Macy's, Inc. ("Parent"), are fully and unconditionally guaranteed by Parent. In the following condensed consolidating financial statements, "Other Subsidiaries" includes all other direct subsidiaries of Parent, including FDS Bank, West 34th Street Insurance Company and its subsidiary West 34th Street Insurance Company New York, Macy's Merchandising Corporation, Macy's Merchandising Group, Inc. and its subsidiaries Macy's Merchandising Group (Hong Kong) Limited, Macy's Merchandising Group Procurement, LLC, Macy's Merchandising Group International, LLC, and Macy's Merchandising Group International (Hong Kong) Limited. "Subsidiary Issuer" includes operating divisions and non-guarantor subsidiaries of the Subsidiary Issuer on an equity basis. The assets and liabilities and results of operations of the non-guarantor subsidiaries of the Subsidiary Issuer are also reflected in "Other Subsidiaries."

Condensed Consolidating Balance Sheets as of May 2, 2015, May 3, 2014 and January 31, 2015, the related Condensed Consolidating Statements of Comprehensive Income for the 13 weeks endedMay 2, 2015 and May 3, 2014, and the related Condensed Consolidating Statements of Cash Flows for the 13 weeks endedMay 2, 2015 and May 3, 2014 are presented on the following pages.

Condensed Consolidating Balance Sheet

As of May 2, 2015

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,078	$	115	$	316	$	—		$	1,509
Receivables	—		48		211		—			259
Merchandise inventories	—		3,029		3,026		—			6,055
Prepaid expenses and other current assets	—		101		370		—			471
Income taxes	43		—		—		(43		)	—
Total Current Assets	1,121		3,293		3,923		(43		)	8,294
Property and Equipment – net	—		4,250		3,462		—			7,712
Goodwill	—		3,315		582		—			3,897
Other Intangible Assets – net	—		68		463		—			531
Other Assets	1		75		665		—			741
Deferred Income Taxes	22		—		—		(22		)	—
Intercompany Receivable	—		—		3,588		(3,588		)	—
Investment in Subsidiaries	4,701		3,549		—		(8,250		)	—
Total Assets	$	5,845	$	14,550	$	12,683	$	(11,903	)	$	21,175
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	75	$	1	$	—		$	76
Merchandise accounts payable	—		1,207		1,305		—			2,512
Accounts payable and accrued liabilities	13		1,043		1,355		—			2,411
Income taxes	—		10		107		(43		)	74
Deferred income taxes	—		304		66		—			370
Total Current Liabilities	13		2,639		2,834		(43		)	5,443
Long-Term Debt	—		7,240		20		—			7,260
Intercompany Payable	564		3,024				(3,588		)	—
Deferred Income Taxes	—		440		668		(22		)	1,086
Other Liabilities	61		543		1,575		—			2,179
Shareholders' Equity	5,207		664		7,586		(8,250		)	5,207
Total Liabilities and Shareholders' Equity	$	5,845	$	14,550	$	12,683	$	(11,903	)	$	21,175

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks EndedMay 2, 2015

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	2,776		$	5,691		$	(2,235	)	$	6,232
Cost of sales	—			(1,809		)	(4,226		)	2,235			(3,800		)
Gross margin	—			967			1,465			—			2,432
Selling, general and administrative expenses	(1		)	(980		)	(1,042		)	—			(2,023		)
Operating income (loss)	(1		)	(13		)	423			—			409
Interest (expense) income, net:
External	—			(95		)	—			—			(95		)
Intercompany	—			(58		)	58			—			—
Equity in earnings of subsidiaries	194			60			—			(254		)	—
Income (loss) before income taxes	193			(106		)	481			(254		)	314
Federal, state and local income tax benefit (expense)	—			37			(158		)	—			(121		)
Net income (loss)	$	193		$	(69	)	$	323		$	(254	)	$	193
Comprehensive income (loss)	$	201		$	(61	)	$	327		$	(266	)	$	201

Condensed Consolidating Statement of Cash Flows

For the 13 Weeks EndedMay 2, 2015

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income (loss)	$	193		$	(69	)	$	323		$	(254	)	$	193
Equity in earnings of subsidiaries	(194		)	(60		)	—			254			—
Dividends received from subsidiaries	191						—			(191		)	—
Depreciation and amortization	—			106			153			—			259
(Increase) decrease in working capital	43			16			(461		)	—			(402		)
Other, net	24			(6		)	(15		)	—			3
Net cash provided (used) by operating activities	257			(13		)	—			(191		)	53
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	—			(69		)	(170		)	—			(239		)
Other, net	—			7			(149		)	—			(142		)
Net cash used by investing activities	—			(62		)	(319		)	—			(381		)
Cash flows from financing activities:
Debt repaid	—			(3		)	—			—			(3		)
Dividends paid	(106		)	—			(191		)	191			(106		)
Common stock acquired, net of issuance of common stock	(259		)	—			—			—			(259		)
Intercompany activity, net	(669		)	146			523			—			—
Other, net	(53		)	(47		)	59			—			(41		)
Net cash provided (used) by financing activities	(1,087		)	96			391			191			(409		)
Net increase (decrease) in cash and cash equivalents	(830		)	21			72			—			(737		)
Cash and cash equivalents at beginning of period	1,908			94			244			—			2,246
Cash and cash equivalents at end of period	$	1,078		$	115		$	316		$	—		$	1,509

Condensed Consolidating Balance Sheet

As of May 3, 2014

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,425	$	129	$	324	$	—		$	1,878
Receivables	—		58		217		—			275
Merchandise inventories	—		3,023		2,874		—			5,897
Prepaid expenses and other current assets	—		94		360		—			454
Income taxes	9		—		—		(9		)	—
Total Current Assets	1,434		3,304		3,775		(9		)	8,504
Property and Equipment – net	—		4,481		3,311		—			7,792
Goodwill	—		3,315		428		—			3,743
Other Intangible Assets – net	—		91		428		—			519
Other Assets	4		95		648		—			747
Deferred Income Taxes	20		—		—		(20		)	—
Intercompany Receivable	28		—		3,306		(3,334		)	—
Investment in Subsidiaries	4,687		3,225		—		(7,912		)	—
Total Assets	$	6,173	$	14,511	$	11,896	$	(11,275	)	$	21,305
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	6	$	2	$	—		$	8
Merchandise accounts payable	—		1,086		1,304		—			2,390
Accounts payable and accrued liabilities	7		980		1,233		—			2,220
Income taxes	—		36		78		(9		)	105
Deferred income taxes	—		301		80		—			381
Total Current Liabilities	7		2,409		2,697		(9		)	5,104
Long-Term Debt	—		7,141		21		—			7,162
Intercompany Payable	—		3,330		4		(3,334		)	—
Deferred Income Taxes	—		576		748		(20		)	1,304
Other Liabilities	66		489		1,080		—			1,635
Shareholders' Equity (Deficit)	6,100		566		7,346		(7,912		)	6,100
Total Liabilities and Shareholders' Equity	$	6,173	$	14,511	$	11,896	$	(11,275	)	$	21,305

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks EndedMay 3, 2014

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	2,918		$	5,457		$	(2,096	)	$	6,279
Cost of sales	—			(1,886		)	(4,046		)	2,096			(3,836		)
Gross margin	—			1,032			1,411			—			2,443
Selling, general and administrative expenses	(2		)	(1,008		)	(990		)	—			(2,000		)
Operating income (loss)	(2		)	24			421			—			443
Interest (expense) income, net:
External	—			(100		)	—			—			(100		)
Intercompany	—			(58		)	58			—			—
Equity in earnings of subsidiaries	225			66			—			(291		)	—
Income (loss) before income taxes	223			(68		)	479			(291		)	343
Federal, state and local income tax benefit (expense)	1			38			(158		)	—			(119		)
Net income (loss)	$	224		$	(30	)	$	321		$	(291	)	$	224
Comprehensive income (loss)	$	228		$	(26	)	$	323		$	(297	)	$	228

Condensed Consolidating Statement of Cash Flows

For the 13 Weeks EndedMay 3, 2014

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income (loss)	$	224		$	(30	)	$	321		$	(291	)	$	224
Equity in earnings of subsidiaries	(225		)	(66		)	—			291			—
Dividends received from subsidiaries	167			—			—			(167		)	—
Depreciation and amortization	—			113			140			—			253
(Increase) decrease in working capital	87			(6		)	(377		)	—			(296		)
Other, net	5			(15		)	3			—			(7		)
Net cash provided (used) by operating activities	258			(4		)	87			(167		)	174
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	—			(46		)	(144		)	—			(190		)
Other, net	—			1			5			—			6
Net cash used by investing activities	—			(45		)	(139		)	—			(184		)
Cash flows from financing activities:
Debt repaid	—			(4		)	(1		)	—			(5		)
Dividends paid	(92		)	—			(167		)	167			(92		)
Common stock acquired, net of issuance of common stock	(277		)	—			—			—			(277		)
Intercompany activity, net	(370		)	121			249			—			—
Other, net	(49		)	(23		)	61			—			(11		)
Net cash provided (used) by financing activities	(788		)	94			142			167			(385		)
Net increase (decrease) in cash and cash equivalents	(530		)	45			90			—			(395		)
Cash and cash equivalents at beginning of period	1,955			84			234			—			2,273
Cash and cash equivalents at end of period	$	1,425		$	129		$	324		$	—		$	1,878

Condensed Consolidating Balance Sheet

As of January 31, 2015

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,908	$	94	$	244	$	—		$	2,246
Receivables	—		97		327		—			424
Merchandise inventories	—		2,817		2,699		—			5,516
Prepaid expenses and other current assets	—		113		380		—			493
Income taxes	88		—		—		(88		)	—
Total Current Assets	1,996		3,121		3,650		(88		)	8,679
Property and Equipment – net	—		4,315		3,485		—			7,800
Goodwill	—		3,315		428		—			3,743
Other Intangible Assets – net	—		73		423		—			496
Other Assets	1		74		668		—			743
Deferred Income Taxes	10		—		—		(10		)	—
Intercompany Receivable	—		—		4,140		(4,140		)	—
Investment in Subsidiaries	4,655		3,526		—		(8,181		)	—
Total Assets	$	6,662	$	14,424	$	12,794	$	(12,419	)	$	21,461
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	75	$	1	$	—		$	76
Merchandise accounts payable	—		784		909		—			1,693
Accounts payable and accrued liabilities	42		1,360		1,707		—			3,109
Income taxes	—		22		362		(88		)	296
Deferred income taxes	—		295		67		—			362
Total Current Liabilities	42		2,536		3,046		(88		)	5,536
Long-Term Debt	—		7,245		20		—			7,265
Intercompany Payable	1,215		2,925		—		(4,140		)	—
Deferred Income Taxes	—		414		677		(10		)	1,081
Other Liabilities	27		593		1,581		—			2,201
Shareholders' Equity (Deficit)	5,378		711		7,470		(8,181		)	5,378
Total Liabilities and Shareholders' Equity	$	6,662	$	14,424	$	12,794	$	(12,419	)	$	21,461

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Fair Value Measurements

3 Months Ended

May 02, 2015

Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]

Fair Value Measurements

Fair Value Measurements

The following table shows the Company's financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards:

	May 2, 2015								May 3, 2014
			Fair Value Measurements								Fair Value Measurements
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(millions)
Marketable equity and debt securities	$	104	$	—	$	104	$	—	$	91	$	—	$	91	$	—

Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, short-term debt, merchandise accounts payable, accounts payable and accrued liabilities and long-term debt. With the exception of long-term debt, the carrying amount approximates fair value because of the short maturity of these instruments. The fair values of long-term debt, excluding capitalized leases, are generally estimated based on quoted market prices for identical or similar instruments, and are classified as Level 2 measurements within the hierarchy as defined by applicable accounting standards.

The following table shows the estimated fair value of the Company's long-term debt:

	May 2, 2015						May 3, 2014
	Notional Amount		Carrying Amount		Fair Value		Notional Amount		Carrying Amount		Fair Value
	(millions)
Long-term debt	$	7,070	$	7,231	$	8,020	$	6,973	$	7,145	$	7,797

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Financing Activities (Detail Of Debt Repayments) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	May 02, 2015	May 03, 2014
Debt repaid	$ 3	$ 5
9.5% Amortizing Debentures due Two Thousand Twenty One [Member]
Extinguishment of debt	2	2
9.75% Amortizing Debentures Due Two Thousand Twenty One [Member]
Extinguishment of debt	1	1
Capital Lease and Other Long-Term Obligations [Member]
Extinguishment of debt	$ 0	$ 2

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Summary of Significant Accounting Policies (Narrative) (Details)	May 02, 2015
Number of states in which entity operates	45
Maximum [Member]
Number of Stores	885

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Financing Activities Financing Activites (Tables)

3 Months Ended

May 02, 2015

Extinguishment of Debt [Line Items]

Detail of Debt Repayments

The following table shows the detail of debt repayments:

	13 Weeks Ended
	May 2, 2015		May 3, 2014
	(millions)
9.5% amortizing debentures due 2021	$	2	$	2
9.75% amortizing debentures due 2021	1		1
Capital leases and other obligations	—		2
	$	3	$	5

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Summary of Significant Accounting Policies (Policy)

3 Months Ended

May 02, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature Of Operations

Nature of Operations

Macy's, Inc. and subsidiaries (the "Company") is an omnichannel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and Bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. The Company's operations include approximately 885 stores in 45 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com, bloomingdales.com and bluemercury.com. In addition, Bloomingdale's in Dubai, United Arab Emirates is operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC.

Use Of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts.

The Consolidated Financial Statements for the 13 weeks endedMay 2, 2015 and May 3, 2014, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company.

Reclassifications

Reclassifications

Certain reclassifications were made to prior years’ amounts to conform with the classifications of such amounts for the most recent fiscal period.

Comprehensive Income

Comprehensive Income

Total comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income. For the Company, the only other component of total comprehensive income for the 13 weeks endedMay 2, 2015 and May 3, 2014 is the amortization of post employment and postretirement plan items. These reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income) and are included in selling, general and administrative expenses on the Consolidated Statements of Income. See Note 4, "Benefit Plans," for further information.

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Earnings Per Share (Tables)

3 Months Ended

May 02, 2015

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	13 Weeks Ended
	May 2, 2015					May 3, 2014
	Net Income				Shares	Net Income				Shares
	(millions, except per share data)
Net income and average number of shares outstanding	$	193			339.8	$	224			364.8
Shares to be issued under deferred compensation and other plans					0.9					1.1
	$	193			340.7	$	224			365.9
Basic earnings per share			$	.57				$	.61
Effect of dilutive securities:
Stock options, restricted stock and restricted stock units					5.8					6.7
	$	193			346.5	$	224			372.6
Diluted earnings per share			$	.56				$	.60

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Benefit Plans (Tables)

3 Months Ended

May 02, 2015

Pension and Other Postretirement Benefit Expense [Abstract]

Schedule of Costs of Retirement Plans

The defined contribution plan expense and actuarially determined components of the net periodic benefit cost (income) associated with the defined benefit plans are as follows:

	13 Weeks Ended
	May 2, 2015			May 3, 2014
	(millions)
401(k) Defined Contribution Plan	$	23		$	25
Pension Plan
Service cost	$	2		$	2
Interest cost	34			38
Expected return on assets	(59		)	(61		)
Recognition of net actuarial loss	10			6
Amortization of prior service credit	—			—
	$	(13	)	$	(15	)
Supplementary Retirement Plan
Service cost	$	—		$	—
Interest cost	8			8
Recognition of net actuarial loss	3			1
Amortization of prior service cost	—			—
	$	11		$	9
Total Retirement Expense	$	21		$	19
Postretirement Obligations
Service cost	$	—		$	—
Interest cost	2			2
Recognition of net actuarial gain	—			(1		)
Amortization of prior service cost	—			—
	$	2		$	1

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Earnings Per Share (Computation Of Basic and Diluted Earnings Per Share) (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	May 02, 2015	May 03, 2014
Earnings Per Share [Abstract]
Net income (loss)	$ 193	$ 224
Net income available to common stockholders, basic	193	224
Net income available to common stockholders, diluted	$ 193	$ 224
Basic earnings per share	$ 0.57	$ 0.61
Diluted earnings per share	$ 0.56	$ 0.60
Average number of shares issued, basic	339.8	364.8
Shares to be issued under deferred compensation and other plans	0.9	1.1
Average number of shares outstanding, basic	340.7	365.9
Effect of dilutive securities-stock options, restricted stock and restricted stock units	5.8	6.7
Average number of shares outstanding, diluted	346.5	372.6

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Fair Value Measurements (Estimated Fair Value Of Company Long Term Debt) (Details) (USD $) In Millions, unless otherwise specified	May 02, 2015	May 03, 2014
Long-term debt	$ 8,020	$ 7,797
Carrying Amount
Long-term debt	7,231	7,145
Notional Amount
Long-term debt	$ 7,070	$ 6,973

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Consolidated Balance Sheets (parenthetical) (USD $) In Millions, unless otherwise specified	May 02, 2015	Jan. 31, 2015	May 03, 2014
Accumulated depreciation	$ 5,784	$ 5,594	$ 6,261

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Benefit Plans

3 Months Ended

May 02, 2015

Pension and Other Postretirement Benefit Expense [Abstract]

Benefit Plans

Benefit Plans

The Company has defined contribution plans which cover substantially all employees who work 1,000 hours or more in a year. In addition, the Company has a funded defined benefit plan ("Pension Plan") and an unfunded defined benefit supplementary retirement plan ("SERP"), which provides benefits, for certain employees, in excess of qualified plan limitations. Effective January 1, 2012, the Pension Plan was closed to new participants, with limited exceptions, and effective January 2, 2012, the SERP was closed to new participants.

In February 2013, the Company announced changes to the Pension Plan and SERP whereby eligible employees no longer earn future pension service credits after December 31, 2013, with limited exceptions. All retirement benefits attributable to service in subsequent periods are provided through defined contribution plans.

In addition, certain retired employees currently are provided with specified health care and life insurance benefits ("Postretirement Obligations"). Eligibility requirements for such benefits vary, but generally state that benefits are available to eligible employees who were hired prior to a certain date and retire after a certain age with specified years of service. Certain employees are subject to having such benefits modified or terminated.

The defined contribution plan expense and actuarially determined components of the net periodic benefit cost (income) associated with the defined benefit plans are as follows:

	13 Weeks Ended
	May 2, 2015			May 3, 2014
	(millions)
401(k) Defined Contribution Plan	$	23		$	25
Pension Plan
Service cost	$	2		$	2
Interest cost	34			38
Expected return on assets	(59		)	(61		)
Recognition of net actuarial loss	10			6
Amortization of prior service credit	—			—
	$	(13	)	$	(15	)
Supplementary Retirement Plan
Service cost	$	—		$	—
Interest cost	8			8
Recognition of net actuarial loss	3			1
Amortization of prior service cost	—			—
	$	11		$	9
Total Retirement Expense	$	21		$	19
Postretirement Obligations
Service cost	$	—		$	—
Interest cost	2			2
Recognition of net actuarial gain	—			(1		)
Amortization of prior service cost	—			—
	$	2		$	1

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Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) (USD $) In Millions, unless otherwise specified	May 02, 2015	Jan. 31, 2015	May 03, 2014	Feb. 01, 2014
Current Assets:
Cash and cash equivalents	$ 1,509	$ 2,246	$ 1,878	$ 2,273
Receivables	259	424	275
Merchandise inventories	6,055	5,516	5,897
Prepaid expenses and other current assets	471	493	454
Income taxes	0	0	0
Total Current Assets	8,294	8,679	8,504
Property and Equipment - net	7,712	7,800	7,792
Goodwill	3,897	3,743	3,743
Other Intangible Assets - net	531	496	519
Other Assets	741	743	747
Deferred Income Taxes	0	0	0
Intercompany Receivable	0	0	0
Investment in Subsidiaries	0	0	0
Total Assets	21,175	21,461	21,305
Current Liabilities:
Short-term debt	76	76	8
Merchandise accounts payable	2,512	1,693	2,390
Accounts payable and accrued liabilities	2,411	3,109	2,220
Income taxes	74	296	105
Deferred income taxes	370	362	381
Total Current Liabilities	5,443	5,536	5,104
Long-Term Debt	7,260	7,265	7,162
Intercompany Payable	0	0	0
Deferred Income Taxes	1,086	1,081	1,304
Other Liabilities	2,179	2,201	1,635
Shareholders' Equity (Deficit)	5,207	5,378	6,100
Total Liabilities and Shareholders' Equity	21,175	21,461	21,305
Parent
Current Assets:
Cash and cash equivalents	1,078	1,908	1,425	1,955
Receivables	0	0	0
Merchandise inventories	0	0	0
Prepaid expenses and other current assets	0	0	0
Income taxes	43	88	9
Total Current Assets	1,121	1,996	1,434
Property and Equipment - net	0	0	0
Goodwill	0	0	0
Other Intangible Assets - net	0	0	0
Other Assets	1	1	4
Deferred Income Taxes	22	10	20
Intercompany Receivable	0	0	28
Investment in Subsidiaries	4,701	4,655	4,687
Total Assets	5,845	6,662	6,173
Current Liabilities:
Short-term debt	0	0	0
Merchandise accounts payable	0	0	0
Accounts payable and accrued liabilities	13	42	7
Income taxes	0	0	0
Deferred income taxes	0	0	0
Total Current Liabilities	13	42	7
Long-Term Debt	0	0	0
Intercompany Payable	564	1,215	0
Deferred Income Taxes	0	0	0
Other Liabilities	61	27	66
Shareholders' Equity (Deficit)	5,207	5,378	6,100
Total Liabilities and Shareholders' Equity	5,845	6,662	6,173
Subsidiary Issuer
Current Assets:
Cash and cash equivalents	115	94	129	84
Receivables	48	97	58
Merchandise inventories	3,029	2,817	3,023
Prepaid expenses and other current assets	101	113	94
Income taxes	0	0	0
Total Current Assets	3,293	3,121	3,304
Property and Equipment - net	4,250	4,315	4,481
Goodwill	3,315	3,315	3,315
Other Intangible Assets - net	68	73	91
Other Assets	75	74	95
Deferred Income Taxes	0	0	0
Intercompany Receivable	0	0	0
Investment in Subsidiaries	3,549	3,526	3,225
Total Assets	14,550	14,424	14,511
Current Liabilities:
Short-term debt	75	75	6
Merchandise accounts payable	1,207	784	1,086
Accounts payable and accrued liabilities	1,043	1,360	980
Income taxes	10	22	36
Deferred income taxes	304	295	301
Total Current Liabilities	2,639	2,536	2,409
Long-Term Debt	7,240	7,245	7,141
Intercompany Payable	3,024	2,925	3,330
Deferred Income Taxes	440	414	576
Other Liabilities	543	593	489
Shareholders' Equity (Deficit)	664	711	566
Total Liabilities and Shareholders' Equity	14,550	14,424	14,511
Other Subsidiaries
Current Assets:
Cash and cash equivalents	316	244	324	234
Receivables	211	327	217
Merchandise inventories	3,026	2,699	2,874
Prepaid expenses and other current assets	370	380	360
Income taxes	0	0	0
Total Current Assets	3,923	3,650	3,775
Property and Equipment - net	3,462	3,485	3,311
Goodwill	582	428	428
Other Intangible Assets - net	463	423	428
Other Assets	665	668	648
Deferred Income Taxes	0	0	0
Intercompany Receivable	3,588	4,140	3,306
Investment in Subsidiaries	0	0	0
Total Assets	12,683	12,794	11,896
Current Liabilities:
Short-term debt	1	1	2
Merchandise accounts payable	1,305	909	1,304
Accounts payable and accrued liabilities	1,355	1,707	1,233
Income taxes	107	362	78
Deferred income taxes	66	67	80
Total Current Liabilities	2,834	3,046	2,697
Long-Term Debt	20	20	21
Intercompany Payable		0	4
Deferred Income Taxes	668	677	748
Other Liabilities	1,575	1,581	1,080
Shareholders' Equity (Deficit)	7,586	7,470	7,346
Total Liabilities and Shareholders' Equity	12,683	12,794	11,896
Consolidating Adjustments
Current Assets:
Cash and cash equivalents	0	0	0	0
Receivables	0	0	0
Merchandise inventories	0	0	0
Prepaid expenses and other current assets	0	0	0
Income taxes	(43)	(88)	(9)
Total Current Assets	(43)	(88)	(9)
Property and Equipment - net	0	0	0
Goodwill	0	0	0
Other Intangible Assets - net	0	0	0
Other Assets	0	0	0
Deferred Income Taxes	(22)	(10)	(20)
Intercompany Receivable	(3,588)	(4,140)	(3,334)
Investment in Subsidiaries	(8,250)	(8,181)	(7,912)
Total Assets	(11,903)	(12,419)	(11,275)
Current Liabilities:
Short-term debt	0	0	0
Merchandise accounts payable	0	0	0
Accounts payable and accrued liabilities	0	0	0
Income taxes	(43)	(88)	(9)
Deferred income taxes	0	0	0
Total Current Liabilities	(43)	(88)	(9)
Long-Term Debt	0	0	0
Intercompany Payable	(3,588)	(4,140)	(3,334)
Deferred Income Taxes	(22)	(10)	(20)
Other Liabilities	0	0	0
Shareholders' Equity (Deficit)	(8,250)	(8,181)	(7,912)
Total Liabilities and Shareholders' Equity	$ (11,903)	$ (12,419)	$ (11,275)

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Earnings Per Share Earnings Per Share (Narrative) (Details) In Millions, unless otherwise specified	3 Months Ended
	May 02, 2015	May 03, 2014
Stock Options [Member]
Stock options and restricted stock units outstanding, not included in computation of diluted earnings per share	6.5	3.3
Restricted Stock Units [Member]
Stock options and restricted stock units outstanding, not included in computation of diluted earnings per share	1.4	1.1