An undergraduate group Finance project on Macy\'s Inc.(R) December 2008.

1. Lana Beal Amber Bock Jeremy Kliethermes Michael Yaache Courtney Bade

2. The Drive to Differentiate by Aggressively Delivering a Differentiated Shopping Experience with Unique Merchandise, Fashion Brands, Interesting Stores, Engaging Online Sites, Excellent Service and Breakthrough Marketing and Special Events

20. Macy’s Trend Analysis Short-Term Solvency/Liquidity Measures *Figures expressed in millions 2004 2005 2006 2007 2008 Current Ratio Current Assets 7452 7510 10145 7422 6324 Current Liabilities 3883 4301 7590 6095 5360 2004 2005 2006 2007 2008 Current Ratio = Current Assets/Current Liabilities 1.92 1.75 1.34 1.22 1.18 Quick Ratio 2004 2005 2006 2007 2008 Current Assets 7452.00 7510.00 10145.00 7422.00 6324.00 Inventory 3215.00 3120.00 5459.00 5317.00 5060.00 Current Liabilities 3883.00 4301.00 7590.00 6095.00 5360.00 2004 2005 2006 2007 2008 Quick Ratio = (Current Assets - Inventory)/Current Liabilities 1.09 1.02 0.62 0.35 0.24

21. Macy’s Current Ratio Analysis

22. Macy’s Trend Analysis Long Term Solvency Total Debt Ratio Measure *Figures expressed in millions 2004 2005 2006 2007 2008 Total Assets 14550 14885 33168 29550 27789 Total Equity 5940 6167 13519 12254 9907 2004 2005 2006 2007 2008 Total Debt Ratio = (Total Assets - Total Equity)/ Total Assets 0.59 0.59 0.59 0.59 0.64

23. Macy’s Trend Analysis Total Debt Ratio

24. Macy’s Trend Analysis Profitability Return On Equity Measure *Figures expressed in millions 2004 2005 2006 2007 2008 Net Income 693 689 1406 995 893 Total Equity 5940 6167 13519 12254 9907 2004 2005 2006 2007 2008 Return on Equity = Net Income/Total Equity 0.12 0.11 0.10 0.08 0.09

25. Macy’s Trend Analysis Return On Equity