In the second quarter, the company opened two new Bloomingdale’s Outlet stores. In the first half, two new Macy’s stores also opened in the Milwaukee and Salt Lake City markets. In the second half of 2012, the company is opening three new Bloomingdale’s Outlet stores and closing a Macy’s store in Santa Ana, CA, as previously announced.
Operating Income
Macy’s, Inc.’s operating income totaled $554 million or 9.1 percent of sales for the quarter ended July 28, 2012, compared with operating income of $506 million or 8.5 percent of sales for the same period last year.
For the first half of 2012, Macy’s, Inc.’s operating income totaled $945 million or 7.7 percent of sales, compared with operating income of $836 million or 7.1 percent of sales for the same period last year.
Cash Flow
Net cash provided by operating activities was $638 million in the first half of 2012, compared with $587 million in the first six months of last year. Net cash used by investing activities in the first half of 2012 was $393 million, compared with $222 million a year ago.
Net cash used by financing activities in the first six months of 2012 was $1.468 billion, compared with $334 million in the first half of 2011. The increase in cash used by financing activities resulted primarily from the paydown of $460 million more in debt, the buyback of stock and the increased dividend.
The company repurchased approximately 10.6 million shares of its common stock for a total of approximately $374 million in the second quarter of 2012. In the fiscal year to date, the company repurchased approximately 16.0 million shares of its common stock for approximately $588 million.
At July 28, 2012, the company had remaining authorization to repurchase up to approximately $764 million of its common stock. The company previously stated that it plans to repurchase at least $1 billion in shares in fiscal 2012 under its repurchase program.
Macy's, Inc