-
Comparable sales growth of 0.6% on an owned basis; 0.7% on an owned
plus licensed basis
-
EPS and adjusted EPS of $0.44
-
2019 strategic initiatives on track to deliver sales growth
-
Company reaffirms annual 2019 sales and earnings guidance
Macy’s, Inc. (NYSE: M) today reported results for the first quarter 2019
and reaffirmed annual sales and earnings guidance for fiscal 2019.
|
Financial Highlights
|
|
|
|
|
First Quarter
|
(in millions)
|
|
|
2019
|
|
2018
|
Net sales
|
|
|
$
|
5,504
|
|
|
$
|
5,541
|
Comparable sales
|
Owned
|
|
|
0.6
|
%
|
|
|
Owned plus licensed
|
|
|
0.7
|
%
|
|
|
As reported
|
Net income attributable to Macy’s, Inc. shareholders
|
|
|
$
|
136
|
|
|
$
|
139
|
Earnings before interest, taxes, depreciation and amortization
|
|
|
$
|
446
|
|
|
$
|
492
|
Diluted earnings per share
|
|
|
$
|
0.44
|
|
|
$
|
0.45
|
As adjusted*
|
Net income attributable to Macy’s, Inc. shareholders
|
|
|
$
|
137
|
|
|
$
|
149
|
Earnings before interest, taxes, depreciation and amortization
|
|
|
$
|
447
|
|
|
$
|
505
|
Diluted earnings per share
|
|
|
$
|
0.44
|
|
|
$
|
0.48
|
*As adjusted reflects the exclusion of certain items from the respective
financial measures. Please see the final pages of this news release for
important information regarding the nature of such excluded amounts and
calculation of the company’s non-GAAP financial measures.
“Macy’s, Inc. is off to a solid start this year, delivering our sixth
consecutive quarter of comparable sales growth and making progress
against the North Star Strategy. As an omnichannel retailer, we are
focused on growing our customer base by providing a great experience
across all channels and taking market share category by category. Our
brick & mortar sales trend improved sequentially in the first quarter,
supported by the Growth50 stores and Backstage. We had another quarter
of double-digit growth in our digital business, and mobile continues to
be our fastest-growing channel,” said Jeff Gennette, Macy’s, Inc.
chairman & chief executive officer. “We are pleased with the progress we
are making on our strategic initiatives as they continue to drive
top-line growth, keeping us on track to reach our 2019 goals. We believe
these initiatives, coupled with productivity improvements, position our
company well for long-term profit growth.”
Asset Sale Gains
Asset sale gains for the first quarter of 2019 totaled $43 million
pre-tax, or $31 million after-tax and $0.10 per diluted share
attributable to Macy’s, Inc. shareholders. This compares to the first
quarter of 2018, when asset sale gains totaled $24 million pre-tax, or
$18 million after-tax and $0.06 per diluted share attributable to
Macy’s, Inc. shareholders.
Extended and Amended Bank Credit Facility
On May 9, 2019, the company entered into a new $1.5 billion, five-year
Credit Agreement that will mature on May 9, 2024. This agreement
replaces a previous $1.5 billion facility, which was set to expire in
May 2021. Macy’s, Inc. maintains a strong balance sheet, enabling the
company to extend the maturity of the agreement on similar terms.
Looking Ahead
Macy's, Inc. is reaffirming its previously provided annual guidance for
2019.
|
|
|
|
|
|
|
2019 Annual Guidance
|
Comparable sales
(owned plus licensed)
|
|
|
Flat to up 1%
|
Comparable sales
(owned)
|
|
|
Flat to up 1%
|
Net sales
|
|
|
Approximately flat
|
Diluted EPS excluding settlement charges, impairment and other costs
|
|
|
$3.05 to $3.25
|
Asset sale gains
|
|
|
Approximately $100 million (or $0.25 per share)
|
Annual tax rate
|
|
|
23%
|
|
|
|
|
About Macy's, Inc.
Macy’s, Inc. is one of the nation’s premier retailers, with fiscal 2018
sales of $24.971 billion and approximately 130,000 employees. The
company operates approximately 680 department stores under the
nameplates Macy’s and Bloomingdale’s, and nearly 190 specialty stores
that include Bloomingdale’s The Outlet, Bluemercury, and Macy’s
Backstage. Macy’s, Inc. operates stores in 43 states, the District of
Columbia, Guam and Puerto Rico, as well as macys.com,
bloomingdales.com
and bluemercury.com.
Bloomingdale’s stores in Dubai and Kuwait are operated by Al Tayer Group
LLC under license agreements. Macy’s, Inc. has corporate offices in
Cincinnati, Ohio, and New York, New York.
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements are
based upon the current beliefs and expectations of Macy’s management and
are subject to significant risks and uncertainties. Actual results could
differ materially from those expressed in or implied by the
forward-looking statements contained in this release because of a
variety of factors, including conditions to, or changes in the timing
of, proposed real estate and other transactions, prevailing interest
rates and non-recurring charges, the effect of federal tax reform and
potential changes to trade policies, store closings, competitive
pressures from specialty stores, general merchandise stores, off-price
and discount stores, manufacturers’ outlets, the Internet, mail-order
catalogs and television shopping and general consumer spending levels,
including the impact of the availability and level of consumer debt, the
effect of weather and other factors identified in documents filed by the
company with the Securities and Exchange Commission. Macy’s disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by law.
NOTE: Additional information on Macy’s, Inc., including past news
releases, is available at www.macysinc.com/pressroom.
A webcast of Macy's, Inc.’s call with analysts and investors will be
held today (May 15, 2019) at 9:30 a.m. ET. The webcast, along with the
associated presentation, is accessible to the media and general public
via the company's website at www.macysinc.com.
Analysts and investors may call in on 1-888-254-3590, passcode 7241409.
A replay of the conference call and slides can be accessed on the
website or by calling 1-888-203-1112 (same passcode) about two hours
after the conclusion of the call.
|
MACY’S, INC.
|
|
Consolidated Statements of Income
(Unaudited) (Note 1 and Note 2) (All amounts in
millions except percentages and per share figures)
|
|
|
|
|
13 Weeks Ended
|
|
13 Weeks Ended
|
|
|
|
May 4, 2019
|
|
May 5, 2018
|
|
|
|
$
|
|
% to Net sales
|
|
$
|
|
% to Net sales
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
5,504
|
|
|
|
|
$
|
5,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit card revenues, net
|
|
|
172
|
|
|
3.1
|
%
|
|
157
|
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
(3,403
|
)
|
|
(61.8
|
%)
|
|
(3,382
|
)
|
|
(61.0
|
%)
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
(2,112
|
)
|
|
(38.4
|
%)
|
|
(2,083
|
)
|
|
(37.6
|
%)
|
|
|
|
|
|
|
|
|
|
|
Gains on sale of real estate
|
|
|
43
|
|
|
0.8
|
%
|
|
24
|
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
Impairment and other costs
|
|
|
(1
|
)
|
|
—
|
%
|
|
(19
|
)
|
|
(0.3
|
%)
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
203
|
|
|
3.7
|
%
|
|
238
|
|
|
4.3
|
%
|
|
|
|
|
|
|
|
|
|
|
Benefit plan income, net
|
|
|
7
|
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(47
|
)
|
|
|
|
(66
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
163
|
|
|
|
|
183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal, state and local income tax expense
|
|
|
(27
|
)
|
|
|
|
(52
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
136
|
|
|
|
|
131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to noncontrolling interest
|
|
|
—
|
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Macy's, Inc. shareholders
|
|
|
$
|
136
|
|
|
|
|
$
|
139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to Macy's, Inc. shareholders
|
|
|
$
|
0.44
|
|
|
|
|
$
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to Macy's, Inc.
shareholders
|
|
|
$
|
0.44
|
|
|
|
|
$
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
309.1
|
|
|
|
|
306.6
|
|
|
|
Diluted
|
|
|
311.4
|
|
|
|
|
309.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period common shares outstanding
|
|
|
308.9
|
|
|
|
|
306.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Financial Measures:
|
|
|
|
|
|
|
|
|
|
Gross Margin (Note 3)
|
|
|
$
|
2,101
|
|
|
38.2
|
%
|
|
$
|
2,159
|
|
|
39.0
|
%
|
Depreciation and amortization expense
|
|
|
$
|
236
|
|
|
|
|
$
|
235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MACY’S, INC.
|
|
Consolidated Balance Sheets (Unaudited)
(Note 2) (millions)
|
|
|
|
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
ASSETS:
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
737
|
|
|
$
|
1,162
|
|
|
$
|
1,531
|
|
Receivables
|
|
|
237
|
|
|
400
|
|
|
250
|
|
Merchandise inventories
|
|
|
5,498
|
|
|
5,263
|
|
|
5,291
|
|
Prepaid expenses and other current assets
|
|
|
633
|
|
|
620
|
|
|
638
|
|
Total Current Assets
|
|
|
7,105
|
|
|
7,445
|
|
|
7,710
|
|
|
|
|
|
|
|
|
|
Property and Equipment – net
|
|
|
6,499
|
|
|
6,637
|
|
|
6,575
|
|
Right of Use Assets
|
|
|
2,631
|
|
|
—
|
|
|
—
|
|
Goodwill
|
|
|
3,908
|
|
|
3,908
|
|
|
3,908
|
|
Other Intangible Assets – net
|
|
|
441
|
|
|
478
|
|
|
486
|
|
Other Assets
|
|
|
712
|
|
|
726
|
|
|
889
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
$
|
21,296
|
|
|
$
|
19,194
|
|
|
$
|
19,568
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
Short-term debt
|
|
|
$
|
41
|
|
|
$
|
43
|
|
|
$
|
25
|
|
Merchandise accounts payable
|
|
|
1,950
|
|
|
1,655
|
|
|
2,045
|
|
Accounts payable and accrued liabilities
|
|
|
2,846
|
|
|
3,366
|
|
|
2,695
|
|
Income taxes
|
|
|
182
|
|
|
168
|
|
|
312
|
|
Total Current Liabilities
|
|
|
5,019
|
|
|
5,232
|
|
|
5,077
|
|
|
|
|
|
|
|
|
|
Long-Term Debt
|
|
|
4,680
|
|
|
4,708
|
|
|
5,857
|
|
Long-Term Lease Liability
|
|
|
2,823
|
|
|
—
|
|
|
—
|
|
Deferred Income Taxes
|
|
|
1,193
|
|
|
1,238
|
|
|
1,169
|
|
Other Liabilities
|
|
|
1,258
|
|
|
1,580
|
|
|
1,664
|
|
Shareholders' Equity:
|
|
|
|
|
|
|
|
Macy's, Inc.
|
|
|
6,323
|
|
|
6,436
|
|
|
5,821
|
|
Noncontrolling interest
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
Total Shareholders' Equity
|
|
|
6,323
|
|
|
6,436
|
|
|
5,801
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders’ Equity
|
|
|
$
|
21,296
|
|
|
$
|
19,194
|
|
|
$
|
19,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MACY’S, INC.
|
|
Consolidated Statements of Cash Flows
(Unaudited) (Note 2 and Note 4) (millions)
|
|
|
|
|
13 Weeks Ended
|
|
13 Weeks Ended
|
|
|
|
May 4, 2019
|
|
May 5, 2018
|
Cash flows from operating activities:
|
|
|
|
|
|
Net income
|
|
|
$
|
136
|
|
|
$
|
131
|
|
Adjustments to reconcile net income to net cash provided (used) by
operating activities:
|
|
|
|
|
|
Impairment and other costs
|
|
|
1
|
|
|
19
|
|
Depreciation and amortization
|
|
|
236
|
|
|
235
|
|
Stock-based compensation expense
|
|
|
14
|
|
|
17
|
|
Gains on sale of real estate
|
|
|
(43
|
)
|
|
(24
|
)
|
Deferred income taxes
|
|
|
7
|
|
|
19
|
|
Benefit plans
|
|
|
8
|
|
|
9
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
Decrease in receivables
|
|
|
163
|
|
|
105
|
|
Increase in merchandise inventories
|
|
|
(235
|
)
|
|
(115
|
)
|
Increase in prepaid expenses and other current assets
|
|
|
(6
|
)
|
|
(20
|
)
|
Increase in merchandise accounts payable
|
|
|
247
|
|
|
415
|
|
Decrease in accounts payable and accrued liabilities
|
|
|
(516
|
)
|
|
(453
|
)
|
Increase in current income taxes
|
|
|
8
|
|
|
25
|
|
Change in other assets and liabilities not separately identified
|
|
|
(58
|
)
|
|
(41
|
)
|
Net cash provided (used) by operating activities
|
|
|
(38
|
)
|
|
322
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
(204
|
)
|
|
(132
|
)
|
Capitalized software
|
|
|
(60
|
)
|
|
(58
|
)
|
Disposition of property and equipment
|
|
|
34
|
|
|
23
|
|
Other, net
|
|
|
(7
|
)
|
|
11
|
|
Net cash used by investing activities
|
|
|
(237
|
)
|
|
(156
|
)
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Debt repaid
|
|
|
(3
|
)
|
|
(3
|
)
|
Dividends paid
|
|
|
(116
|
)
|
|
(116
|
)
|
Decrease in outstanding checks
|
|
|
(45
|
)
|
|
(10
|
)
|
Issuance of common stock
|
|
|
6
|
|
|
28
|
|
Proceeds from noncontrolling interest
|
|
|
—
|
|
|
2
|
|
Net cash used by financing activities
|
|
|
(158
|
)
|
|
(99
|
)
|
|
|
|
|
|
|
Net increase (decrease) in cash, cash equivalents and restricted cash
|
|
|
(433
|
)
|
|
67
|
|
Cash, cash equivalents and restricted cash beginning of period
|
|
|
1,248
|
|
|
1,513
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash end of period
|
|
|
$
|
815
|
|
|
$
|
1,580
|
|
|
|
|
|
|
|
|
|
|
|
MACY’S, INC.
Consolidated Financial Statements (Unaudited)
Notes:
(1)
|
|
As a result of the seasonal nature of the retail business, the
results of operations for the 13 weeks ended May 4, 2019 and May 5,
2018 (which do not include the Christmas season) are not necessarily
indicative of such results for the fiscal year.
|
|
|
|
(2)
|
|
The results for the 13 weeks ended May 4, 2019 reflect the adoption
of Accounting Standards Update 2016-02 (ASU 2016-02), Leases, on
February 3, 2019, utilizing the modified retrospective approach
which allowed for transition in the period of adoption.
|
|
|
|
(3)
|
|
Gross margin is defined as net sales less cost of sales.
|
|
|
|
(4)
|
|
Restricted cash of $78 million and $49 million have been included
with cash and cash equivalents for the 13 weeks ended May 4, 2019
and May 5, 2018, respectively. Further, reclassifications were made
to certain prior period's amounts to conform with the
classifications of such amounts in the most recent period.
|
|
|
|
MACY’S, INC.
Important Information Regarding Non-GAAP Financial
Measures
The company reports its financial results in accordance with U.S.
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
supplemental changes in comparable sales on an owned plus licensed
basis, which includes adjusting for growth in comparable sales of
departments licensed to third parties, assists in evaluating the
company's ability to generate sales growth, whether through owned
businesses or departments licensed to third parties, and in evaluating
the impact of changes in the manner in which certain departments are
operated. Earnings before interest, taxes, depreciation and amortization
(EBITDA) is a non-GAAP financial measure which the company believes
provides meaningful information about its operational efficiency by
excluding the impact of changes in tax law and structure, debt levels
and capital investment. In addition, management believes that excluding
certain items from EBITDA, net income and diluted earnings per share
attributable to Macy's, Inc. shareholders that are not associated with
the company’s core operations and that may vary substantially in
frequency and magnitude from period-to-period provides useful
supplemental measures that assist in evaluating the company's ability to
generate earnings and to more readily compare these metrics between past
and future periods.
The reconciliation of the forward-looking non-GAAP financial measure of
changes in comparable sales on an owned plus licensed basis to GAAP
comparable sales (i.e., on an owned basis) is in the same manner as
illustrated below, except that the impact of growth in comparable sales
of departments licensed to third parties is the only reconciling item.
In addition, the company does not provide the most directly comparable
forward-looking GAAP measure of diluted earnings per share attributable
to Macy’s, Inc. shareholders excluding certain items because the timing
and amount of excluded items are unreasonably difficult to fully and
accurately estimate.
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 non-GAAP financial measures may be significant
items that could impact the company's financial position, results of
operations or cash flows and should therefore be considered in assessing
the company's actual and future 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.
|
MACY’S, INC.
|
|
Important Information Regarding Non-GAAP
Financial Measures (All amounts in millions except
percentages and per share figures)
|
|
Changes in Comparable Sales
|
|
|
|
|
|
13 Weeks Ended May 4, 2019
|
|
|
|
|
|
Increase in comparable sales on an owned basis (Note 5)
|
|
|
|
0.6%
|
|
|
|
|
|
Comparable sales growth impact of departments licensed to third
parties (Note 6)
|
|
|
|
0.1%
|
|
|
|
|
|
Increase in comparable sales on an owned plus licensed basis
|
|
|
|
0.7%
|
|
|
|
|
|
Notes:
(5)
|
|
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
impacted by a natural disaster or undergoing significant expansion
or shrinkage remain in the comparable sales calculation unless the
store, or material portion of the store, is closed for a significant
period of time. Definitions and calculations of comparable sales may
differ among companies in the retail industry.
|
|
|
|
(6)
|
|
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 all online
sales 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 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 amounts of commissions earned on sales of
departments licensed to third parties are not material to its net
sales for the periods presented.
|
|
|
|
MACY’S, INC.
Important Information Regarding Non-GAAP Financial
Measures
Earnings before Interest, Taxes, Depreciation and
Amortization, Net Income and Diluted Earnings Per Share Attributable to
Macy's, Inc. Shareholders, Excluding Certain Items
Non-GAAP financial measures, excluding certain items below, are
reconciled to the most directly comparable GAAP measure as follows:
-
EBITDA and adjusted EBITDA are reconciled to GAAP net income
attributable to Macy’s, Inc. shareholders.
-
Adjusted net income attributable to Macy’s, Inc. shareholders is
reconciled to GAAP net income attributable to Macy’s, Inc.
shareholders.
-
Adjusted diluted earnings per share attributable to Macy’s, Inc.
shareholders is reconciled to GAAP diluted earnings per share
attributable to Macy’s, Inc. shareholders.
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended
|
|
13 Weeks Ended
|
|
|
|
|
May 4, 2019
|
|
May 5, 2018
|
|
|
|
|
|
|
|
Net income attributable to Macy's, Inc. shareholders
|
|
|
|
$
|
136
|
|
|
$
|
139
|
Interest expense, net
|
|
|
|
47
|
|
|
66
|
Federal, state and local income tax expense
|
|
|
|
27
|
|
|
52
|
Depreciation and amortization
|
|
|
|
236
|
|
|
235
|
EBITDA
|
|
|
|
446
|
|
|
492
|
Impairment and other costs (Note 7)
|
|
|
|
1
|
|
|
13
|
Adjusted EBITDA
|
|
|
|
$
|
447
|
|
|
$
|
505
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income and Adjusted Diluted Earnings Per Share
Attributable to Macy's, Inc. Shareholders
|
|
|
|
13 Weeks Ended
|
|
13 Weeks Ended
|
|
|
May 4, 2019
|
|
May 5, 2018
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to Macy's, Inc. Shareholders
|
|
Diluted Earnings Per Share
|
|
Net Income Attributable to Macy's, Inc. Shareholders
|
|
Diluted Earnings Per Share
|
As reported
|
|
$
|
136
|
|
|
$
|
0.44
|
|
|
$
|
139
|
|
|
$
|
0.45
|
|
Impairment and other costs (Note 7)
|
|
1
|
|
|
—
|
|
|
13
|
|
|
0.04
|
|
Income tax impact
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(0.01
|
)
|
As adjusted to exclude certain item above
|
|
$
|
137
|
|
|
$
|
0.44
|
|
|
$
|
149
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 7: The above pre-tax adjustment for the 13 weeks ended May 5, 2018
excludes impairment and other costs attributable to the noncontrolling
interest shareholder of $6 million.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190515005482/en/
Copyright Business Wire 2019