Executive Summary Essay

1598 Words Jan 1st, 2012 7 Pages
Macy’s:
Executive Summary
Macy’s, Inc. Macy’s, Inc. is known as the one of the leading retail corporations worldwide. It offers its customers a wide range of products including clothing, footwear, jewelry, beauty products, and even home décor. Macy’s has opened more than 800 stores across the U.S. and reported fiscal year (FY) 2009 sales of $23.5 billion. Although Macy’s is a prominent retailer today, their success had to start somewhere. In this summary we will take a glance at Macy’s history as well as their prior and current financial information.
Brief History of Macy’s, Inc. Before Macy’s, Inc became a household name Rowland H. Macy, the founder of Macy’s Inc., started a dry-goods store in 1851 in Haverhill, Massachusetts where
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FY 2009 merchandise inventories were worth $4,615 million and were 67% of total current assets. FY 2010 merchandise inventories were worth $4,758 million; which increased slightly to 69% of total current assets. Merchandise inventories increased a total of 3% from FY 2009 to FY 2010. Macy’s, Inc. total assets for FY 2009 were $21,300. By January 29, 2011 the total assets were only $20,631. Total assets had decreased by more than 3% by the end of FY 2010.
Macy’s Liabilities For the amount of goods Macy’s sells to its customers, there are many suppliers and vendors in which they receive these goods from. In FY 2010 Macy’s incurred a total of $2,644,000 in accounts payable and accrued liabilities ending on January 29, 2011. Macy’s 2009 FY had accounts payable and accrued liabilities totaling $2,626,000. Macy’s total current liabilities at the end of FY 2009 were $4,462,000 while FY 2010 ended with $5,065,000. Their current liabilities included short-term debt, merchandise accounts payable, accounts payable and accrued liabilities, income taxes, and deferred income tax. Provided is a disbursement of Macy’s current liabilities (millions): FY 2010 FY 2009
-Short-term debt $ 454 $ 242
-Merchandise accounts payable 1,421

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