<SEC-DOCUMENT>0000794367-15-000137.txt : 20150916
<SEC-HEADER>0000794367-15-000137.hdr.sgml : 20150916
<ACCEPTANCE-DATETIME>20150810124433
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000794367-15-000137
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150810

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Macy's, Inc.
		CENTRAL INDEX KEY:			0000794367
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DEPARTMENT STORES [5311]
		IRS NUMBER:				133324058
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0129

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		7 WEST SEVENTH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202
		BUSINESS PHONE:		5135797000

	MAIL ADDRESS:	
		STREET 1:		7 W SEVENTH ST
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FEDERATED DEPARTMENT STORES INC /DE/
		DATE OF NAME CHANGE:	19950307

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	R H MACY & CO INC
		DATE OF NAME CHANGE:	19950307

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MACY ACQUIRING CORP
		DATE OF NAME CHANGE:	19861124
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>




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<p style='margin-bottom:.0001pt;font-size:6pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-size:6pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-right:0in; margin-top:0in' align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<font size="3">[JONES DAY LETTERHEAD]</font></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>
<font style="font-size: 6.0pt">&nbsp;</font></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=651
 style='border-collapse:collapse'>
 <tr>
  <td width=239 valign=top style='width:179.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-name:"tbl txt";margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt'>&nbsp;</p>
  <p style='mso-style-name:"tbl txt";margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=148 valign=top style='width:111.1pt;padding:0in 0in 0in 0in'>
  <p style='mso-style-name:"Letter Date";margin-top:6.0pt;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:24.0pt'>August 10, 2015</p>
  </td>
  <td width=264 valign=top style='width:2.75in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
 </tr>
</table>

<p style='mso-style-name:Addressee;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>Ms. Jennifer Thompson</p>

<p style='mso-style-name:Addressee;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>Accounting Branch Chief</p>

<p style='mso-style-name:Addressee;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>Securities and Exchange Commission</p>

<p style='mso-style-name:Addressee;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>Division of Corporation Finance</p>

<p style='mso-style-name:Addressee;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>100 F Street, N.E.</p>

<p style='mso-style-name:Addressee;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>Mailstop 4546</p>

<p style='mso-style-name:Addressee;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>Washington, D.C.&nbsp; 20549</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macy&#146;s, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 10-K for the Fiscal Year Ended January 31, 2015<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filed April 1, 2015<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 10-Q for the Quarterly Period Ended May 2, 2015<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filed June 4, 2015<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>File No. 1-13536&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:0in'>Dear Ms. Thompson:</p>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'>On behalf of Macy&#146;s, Inc. (the &#147;Company&#148;), we are writing
to respond to your letter dated August 4, 2015 containing comments of the staff
(the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) in
regard to the above-referenced filings.</p>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'>The text of the Staff&#146;s comments and the Company&#146;s
responses are set forth below.</p>

<p style='mso-style-link:"Body Text Indent Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><b><u>Form 10-K for the Fiscal Year Ended January
31, 2015</u></b></p>

<p style='mso-style-link:"Body Text Indent Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><b><u>Management&#146;s Discussion and Analysis of
Financial Condition ..., page 14</u></b></p>

<h1 style='mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-indent:-.5in;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:bold;margin-left:1.0in;page-break-after:auto'>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note your disclosure on page 17 of comparable sales growth for
departments licensed to third parties and on an owned plus licensed basis. In a
comment letter issued to you on June 10, 2014, we previously indicated that we
would not object to your presentation of these measures provided that each time
you present these measures, you include disclosure clearly stating that
commissions from departments licensed to third parties are immaterial or
quantifying such commission revenue. Although you indicated to us in a response
letter dated June 12, 2014 that you would disclose, in close proximity to any
presentation of these metrics, that the amounts of commission earned on
licensed department sales are immaterial to your results of operations, we
cannot find such disclosure in your filings and earnings releases containing
these metrics. Please tell us why you have not provided the requested
disclosure in your filings and earnings releases.</h1>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><i>Response</i>: In response to the Staff&#146;s comment, the
Company advises the Staff that the requested disclosure was included in all of
the Company&#146;s quarterly reports on Form 10-Q since the June 10, 2014 comment
letter. In preparing the Company&#146;s annual report on Form 10-K for the year
ended January 31, 2015, the Company inadvertently omitted the requested
disclosure. The Company advises the Staff that commissions from departments
licensed to third parties continued to be immaterial for the fourth fiscal
quarter and the full fiscal year ended January 31, 2015.</p>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'>The Company confirms to the Staff that it will include the
requested disclosure either in a footnote to the referenced metric or otherwise
in close proximity to the referenced metric in all future periodic reports or
earnings releases that include the referenced metric. In this regard, the
Company will use language similar to the following:&nbsp; &#147;The Company believes that
the amounts of commissions earned on licensed department sales are immaterial
to its results of operations for the periods presented.&#148;</p>

<p style='mso-style-link:"Body Text Indent Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><b><u>Comparisons of 2014 and 2013, page 22</u></b></p>

<h1 style='mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-indent:-.5in;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:bold;margin-left:1.0in;page-break-after:auto'>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note your disclosure on page 22 that the company continues to
&#147;benefit from the My Macy&#146;s localization, Omnichannel and Magic Selling
strategies.&#148; We also note your disclosure that investments in the omnichannel
initiative will continue to increase. In future reports please discuss any
material impacts these strategies have on the company&#146;s results of operation.
In this regard, we note your Chief Financial Officer&#146;s remarks during the
February 24, 2015 conference call that digital channel initiatives such as buy
online/pickup in-store lead to &#147;radiated sales.&#148;</h1>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><i>Response</i>:&nbsp; In response to the Staff&#146;s comment, the
Company confirms to the Staff that it will discuss in future reports any
material impact the My Macy&#146;s localization, Omnichannel and Magic Selling
strategies are known to have on the Company&#146;s result of operations. The Company
advises the Staff that such disclosure stating that the Company &#147;continues to
benefit from the successful execution of the My Macy&#146;s localization,
Omnichannel and Magic Selling strategies&#148; makes reference to the continued
implementation of strategies developed for continued growth in sales, earnings
and cash flow.&nbsp; The Company believes that any attempt to quantify the impact of
one or any combination of such initiatives would be difficult and potentially
misleading. As noted, the Company&#146;s Chief Financial Officer may provide
additional commentary on the Company&#146;s results of operations during earnings
calls, including comments on the directional impact of the strategies noted and
other initiatives. The Company assesses these comments for materiality and
inclusion in Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations. Absent the existence of any material impact that
warrants specific comment, the Company&#146;s disclosures focus on material
period-to-period changes in order to assist investors in understanding changes
in the Company&#146;s results of operations. </p>

<p style='mso-style-link:"Body Text Indent Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";page-break-after:avoid'><b><u>Financial
Statements for the Fiscal Year Ended January 31, 2015</u></b></p>

<p style='mso-style-link:"Body Text Indent Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";page-break-after:avoid'><b><u>Note 1.
Organization and Summary of Significant Accounting Policies</u></b></p>

<p style='mso-style-link:"Body Text Indent Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";page-break-after:avoid'><b><u>Loyalty
Programs, page F-10</u></b></p>

<h1 style='mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-indent:-.5in;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:bold;margin-left:1.0in'>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note that you have a loyalty program and recognize the estimated net
amount of the rewards that will be earned and redeemed as a reduction to net
sales. If, as we assume, your accounting policy is to defer a portion of the
revenue for customer transactions earning the rewards until those rewards are
redeemed, please tell us where on your statements of income you classify the
cost of the free product distributed to customers at the redemption date.
Additionally, please quantify for us the loyalty program accrual as of each
balance sheet date presented in your filing as well as the sales reductions and
costs of free product amounts reflected in each statement of operations
presented.</h1>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><i>Response</i>: In response to the Staff&#146;s comment, the
Company advises the Staff that the Company recognizes the estimated net amount
of rewards that will be earned and redeemed as a reduction to net sales. Prior
to redemption, these rewards are classified in Accounts payable and accrued
liabilities on the Company&#146;s Consolidated Balance Sheets.&nbsp; Such rewards are
included in the line item &#147;Gift cards and customer award certificates&#148;
disclosed in Note 7. Accounts Payable and Accrued Liabilities on page F-22 of
the Company&#146;s Annual Report on Form 10-K for the year ended January 31, 2015.&nbsp;
The overwhelming majority of these disclosed balances relate to gift cards. The
reduction to net sales was approximately 0.2% of net sales for each of the
years ended January 31, 2015, February 1, 2014 and February 2, 2013. The
Company does not expect the reduction to net sales from its customer loyalty
programs to exceed approximately 0.2% in the near term. As customers redeem
rewards, the Company recognizes the sale and the method of payment is the
customer&#146;s reward certificate. The Company does not distribute free products to
customers. </p>

<p style='mso-style-link:"Body Text Indent Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><b><u>Note 7. Accounts Payable and Accrued
Liabilities, page F-22</u></b></p>

<h1 style='mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-indent:-.5in;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:bold;margin-left:1.0in;page-break-after:auto'>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note that you record adjustments to the allowance for future sales
returns within cost of sales. Please explain to us in more detail how you
determine and record your allowance for sales returns. It is unclear to us if
you are recording an adjustment for the net gross profit impact of expected
returns or if you are reducing sales and cost of sales on a gross basis to
reflect estimated returns. Please refer to ASC 605-15-45-1.</h1>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><i>Response</i>: In response to the Staff&#146;s comment, the
Company advises the Staff that the Company estimates its allowance for future
sales returns by analyzing return and exchange history for the past several
years to develop an estimated percentage of sales that will be returned after
the balance sheet date.&nbsp; This return rate assumption is applied to the most
recent sales data to estimate what amount of historic sales will be returned in
future periods.&nbsp; The allowance for future sales returns is the estimated gross
margin on the returned merchandise.&nbsp; The Company discloses in Note 1.
Organization and Summary of Significant Accounting Policies &#151; Cost of Sales on
page F-10 of its Annual Report on Form 10-K for the year ended January 31, 2015
that in accordance with ASC 605-15-45-1 an estimated allowance for future sales
returns is recorded and cost of sales is adjusted accordingly.&nbsp; The Company
adjusts cost of sales for the change in the allowance for future sales returns.
The Company does not adjust sales and cost of sales on a gross basis for the
allowance for future sales returns, but does reflect actual returns on a gross
basis in both sales and cost of sales. When previously discussed with the
Staff, the Staff has not objected to this treatment. If the Company were to
adjust net sales for the change in estimated sales that will be returned after
the balance sheet date, this adjustment would constitute a very small fraction
of sales (approximately 0.1%).</p>

<p style='mso-style-link:"Body Text Indent Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><b><u>Note 9. Retirement Plans, page F-25</u></b></p>

<h1 style='mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-indent:-.5in;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:bold;margin-left:1.0in;page-break-after:auto'>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please tell us the reason for the decrease in the amortization of your
net actuarial loss from fiscal 2013 to 2014.</h1>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><i>Response</i>: In response to the Staff&#146;s comment, the
Company advises the Staff that there are two significant factors that
influenced the decrease in amortization of the Company&#146;s net actuarial loss for
the pension plan that is recognized in the net periodic benefit cost.&nbsp; The
Company supplementally advises the Staff that the net actuarial losses at the
beginning of fiscal 2014 and the beginning of fiscal 2013 were $931 million and
$1,326 million, respectively (as disclosed on page F-25 of the Company&#146;s Annual
Report on Form 10-K for the year ended February 1, 2014).</p>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'>The first factor is the amount of loss subject to
amortization.&nbsp; The minimum amortization requirement reflects a corridor based
on 10% of the greater of the projected benefit obligation or the market-related
value of assets.&nbsp; The amount of loss subject to amortization is impacted by
changes in the discount rate used to determine the present value of the benefit
obligations and the expected and actual return on plan assets. The net
actuarial loss subject to amortization was much higher for 2013 as compared to
2014. </p>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'>The second factor that impacts the amortization recognized
in the net periodic benefit cost is the amortization period. For fiscal 2013,
the Company used the average remaining service period of plan participants
earning such benefits for the amortization period. For fiscal 2014, the Company
moved to an amortization period equal to the average remaining life expectancy
of the inactive participants instead of the average remaining service period.
The amortization period changed because of the announced freeze of benefits
under the pension plan. The freeze of benefits caused plan participants to be
considered inactive for purposes of considering the appropriate amortization
period. </p>

<p style='mso-style-link:"Body Text Indent Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><b><u>Form 10-Q for the Quarterly Period Ended May
2, 2015</u></b></p>

<p style='mso-style-link:"Body Text Indent Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><b><u>Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations</u></b></p>

<p style='mso-style-link:"Body Text Indent Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><b><u>Results of Operations, page 18</u></b></p>

<h1 style='mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-indent:-.5in;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:bold;margin-left:1.0in;page-break-after:auto'>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note the disclosure on page 18 of your quarterly report for the period
ended May 2, 2015 that you plan to open four pilot Macy&#146;s Backstage locations
in New York City. We also note that you plan to open your fourteenth
Bloomingdale&#146;s Outlet store later this year. Please tell us whether and how the
off-price trend within the retail sector is likely to have an impact on future
gross profits or your operating income, with a view to understanding how
pricing and/or merchandizing strategies will differ with respect to these
stores and the relatively profitability of these stores. For additional
guidance refer to SEC Release 33-8350 and Item 303(a)(3)(ii) of Regulation S-K.</h1>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><i>Response</i>:&nbsp; In response to the Staff&#146;s comment, the
Company advises the Staff that the Company currently operates over 800 store
locations. The piloting of four Macy&#146;s Backstage locations and the opening of
the 14th Bloomingdale&#146;s Outlet location are not expected to have a material
impact on the Company&#146;s consolidated results in the near term.&nbsp; As the Company
learns more from these businesses or decides to expand to additional locations,
additional disclosures on the impact of the off-price trend and pricing and
merchandise strategies, if deemed material, will be incorporated into the
Company&#146;s periodic reporting disclosures as required by Item 303(a)(3)(ii) of Regulation
S-K and as discussed in SEC Release 33-8350.</p>

<h1 style='mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-indent:-.5in;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:bold;margin-left:1.0in'>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In future filings, to the extent material, please address the
strengthening of the U.S. dollar relative to foreign currencies and the impact
this trend may have on your results of operation. In this regard we note your
Chief Financial Officer&#146;s remarks during the May 13, 2015 earnings call that
sales from international tourists are &#147;down significantly&#148; as a result of the
strong U.S. dollar. Please refer to Item 303(a)(3)(ii) of Regulation S-K.</h1>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><i>Response</i>:&nbsp; In response to the Staff&#146;s comment, the
Company advises the Staff that in accordance with Item 303(a)(3)(ii) of
Regulation S-K in future filings, to the extent material, the Company will
address any changes in the strength of the U.S. Dollar relative to foreign
currencies and the impact that any trend may have on results of operations.&nbsp;
Currently, the Company is not at risk of currency exposure as sales are
transacted in U.S. Dollars. The Company estimates that approximately 5.0% of
net sales are from international tourists, and as a result any change to this
small portion of net sales is not expected to have a material impact on the
Company&#146;s results of operations.</p>

<h1 style='mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-indent:-.5in;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:bold;margin-left:1.0in'>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although you acquired Bluemercury, Inc. during the first quarter of
fiscal 2015 and your CFO indicated during the May 13, 2015 earnings call that
total sales &#147;are being helped by&#148; the acquisition, it does not appear that you
reference Bluemercury within your results of operations discussion for the most
recent quarter. Please tell us the contribution of Bluemercury to your first
quarter revenues and how you determined you did not need to discuss the impact
of this acquisition as part of explaining changes in your results of
operations. If Bluemercury is immaterial to your consolidated results, please
consider clearly conveying this message to your investors.</h1>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'><i>Response</i>: In response to the Staff&#146;s comment, the
Company advises the Staff that Bluemercury was acquired mid-way through the
first quarter of 2015 for approximately $210 million in cash. On a qualitative
basis, the Company&#146;s Chief Financial Officer indicated that total sales &#147;are
being helped by&#148; the acquisition. However, on a quantitative basis, the actual
impact of the acquisition is clearly immaterial to net sales for the quarter
ended May 2, 2015.&nbsp; The acquisition did not have a material impact on the
Company&#146;s results of operations for the first quarter of 2015, and as a result,
the Company determined that no disclosure was necessary. The Company currently
expects the results of Bluemercury to be immaterial to the Company&#146;s
consolidated results in the near term. If the impact of the acquisition becomes
material, the Company will include disclosure relating to the acquisition.</p>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *</p>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";'>The Company hereby acknowledges that:</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.25in;text-indent:-.25in;font-size:12.0pt;font-family:"Times New Roman","serif";'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company is responsible for the adequacy and accuracy of the
disclosures in the filing;</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.25in;text-indent:-.25in;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.5in;text-indent:-.5in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Staff comments or changes to disclosure in response to Staff
comments do not foreclose the Commission from taking any action with respect to
the filing; and</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.25in;text-indent:-.25in;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.5in;text-indent:-.5in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company may not assert the action as a defense in any
proceeding initiated by the Commission or any person under the federal
securities laws of the United States.</p>

<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";page-break-after:avoid'>&nbsp;</p>
<p style='mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman","serif";page-break-after:avoid'>If you have any questions
regarding the foregoing, please do not hesitate to contact me at (214)
969-5148, or by facsimile at (214) 969-5100.</p>

<p style='mso-style-link:"Signature Char";margin-top:.5in;margin-right:0in;margin-bottom:0in;margin-left:3.25in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:12.0pt;page-break-after:avoid'>Very
truly yours,</p>

<p style='mso-style-link:"Signature Char";margin-top:.5in;margin-right:0in;margin-bottom:0in;margin-left:3.25in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:12.0pt;page-break-after:avoid'>/s/
Charles T. Haag</p>

<p style='mso-style-link:"Signature Char";margin-top:.5in;margin-right:0in;margin-bottom:0in;margin-left:3.25in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:12.0pt;page-break-after:avoid'>Charles
T. Haag</p>

<p style='mso-style-name:Address;margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";page-break-after:avoid'><br>
cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mara Ransom, Securities and Exchange Commission<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karen M. Hoguet, Macy&#146;s, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joel A. Belsky, Macy&#146;s, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dennis J. Broderick, Macy&#146;s, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linda J. Balicki, Macy&#146;s, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Atkinson, KPMG LLP<br>
<br>
</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:10.0pt'>&nbsp;</p>

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