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Newsflash
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| Highlights of Progress in 2007 Macys |
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Highlights of Progress in 2007 By any measure, 2007 was another year of milestone events and developments for Macy’s, Inc. Among the highlights: • Shareholders approved a change in our corporate name to Macy’s, Inc. from Federated Department Stores, Inc., effective June 1, 2007, demonstrating that Macy’s, Inc. is a consumer-driven company focused on the Macy’s and Bloomingdale’s brands. Simultaneously, the single letter “M” was adopted as the ticker symbol on the New York Stock Exchange. • The Board of Directors authorized a $4 billion increase in the company’s stock buyback program. In total, approximately 85.3 million shares of stock were repurchased for $3.3 billion in 2007. • The successful process of divesting certain assets acquired in our 2005 merger with The May Department Stores Company was completed. Including the sale of After Hours Formalwear and several duplicate facilities in 2007, total merger-related asset sales over the past two years reached $4.5 billion. • Macy’s introduced exclusive brands that included the distinctive new Martha Stewart Collection. This was the largest brand launch in our company’s history, and helped improve results in our Home Store business. Macy’s also announced that it will become the exclusive department store retailer of Tommy Hilfiger men’s and women’s sportswear, beginning in fall 2008. • The company accelerated investment in developing our direct-to-consumer businesses – including macys.com, bloomingdales.com and Bloomingdale’s By Mail. An investment of more than $300 million in 2006-2008 is being used to scale up these fast-growing businesses through improvements in delivery efficiency, online site functionality and customer service. • Customers were attracted with groundbreaking new marketing campaigns, based on the brand platform of “The Magic of Macy’s.” This included new television commercials featuring well-known celebrities and fashion brands available only at Macy’s. • The company continued to invest in improving existing Macy’s and Bloomingdale’s locations to support an enhanced shopping experience and drive same-store sales growth. In 2007, about 100 stores experienced remodeling or reinvent activity, and rolling out the most advanced POS registers and systems to the sales floors nationwide began. • Bloomingdale’s expanded its national presence with new stores in South Coast Plaza in southern California and in Chevy Chase, MD. Bloomingdale’s today operates 40 locations, representing growth in the number of stores of more than 10 percent over the past two years. • Macy’s, Inc. strengthened its Board of Directors with the election of two exceptional business leaders – Stephen F. Bollenbach, former co-chairman and CEO of Hilton Hotels Corporation, and Deirdre P. Connelly, president of U.S. operations at Eli Lilly and Company. Hot Products at Macy's
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