<SEC-DOCUMENT>0000794367-17-000102.txt : 20170922
<SEC-HEADER>0000794367-17-000102.hdr.sgml : 20170922
<ACCEPTANCE-DATETIME>20170822145017
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000794367-17-000102
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170822

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:			0117

	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>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2017 Workiva -->
		<title>Document</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s09621B2E583F8AAF8981064FF35A7D25"></a></div><div><div style="line-height:120%;padding-bottom:57px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">[JONES DAY LETTERHEAD]</font></div><div style="line-height:120%;padding-bottom:57px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:36%;"></td><td style="width:23%;"></td><td style="width:41%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:32px;padding-top:8px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">August 22, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Ms. Jennifer Thompson</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Accounting Branch</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Chief Officer of Consumer Products</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">100 F Street, N.E.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Mailstop 3561</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Washington, D.C.  20549</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Re:&#160;&#160;&#160;&#160;Macy&#8217;s, Inc.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Form 10-K for the Fiscal Year Ended January 28, 2017</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Response Dated July 12, 2017</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"></font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">File No. 1-13536</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dear Ms. Thompson:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">On behalf of Macy&#8217;s, Inc. (the &#8220;Company&#8221;), we are writing to respond to your letter dated August 17, 2017 containing comments of the staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission in regard to the above-referenced filing.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The text of the Staff&#8217;s comments and the Company&#8217;s responses are set forth below.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Important Information Regarding Non-GAAP Financial Measures, page 20</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:48px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">We have reviewed your response to comment 1.  Please tell us in more detail how you plan to revise the 2016 Overview section in MD&amp;A to ensure that the analysis of non-GAAP measures is not given undue prominence over the analysis of GAAP measures.  Please ensure that the analysis of non-GAAP measures is not given undue prominence in your upcoming Form 10-Q.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">Response</font><font style="font-family:inherit;font-size:12pt;">:  In response to the Staff&#8217;s comment, the Company advises the Staff that beginning in the second quarter of 2017, the Company plans to revise its presentation so that the disclosures provided in response to Item 10(e) of Regulation S-K are moved after the disclosures under &#8220;Results of Operations&#8221;, &#8220;Liquidity and Capital Resources&#8221; and &#8220;Outlook and Recent Developments&#8221; in MD&amp;A.  Further, the Company will ensure that any discussion of its operating results in the &#8220;Overview&#8221; section in MD&amp;A in its future </font></div><div><br></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">August 22, 2017</font></div><div style="line-height:120%;padding-bottom:10px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Page 2</font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Form 10-Qs and Form 10-Ks will include a balanced discussion of both GAAP and non-GAAP financial measures, as appropriate.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Financial Statements</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Consolidated Statements of Income, page F-4</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:48px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">We note that historically you presented impairments, store closing and other costs as a separate line item on the face of your income statement, while the gain on sale of real estate was netted with selling, general and administrative expenses. Excluding the unusually high number of store closings that occurred in 2016 and the related expense, we note that for the last several years the amount of impairments, store closing and other costs has approximated the amount of the gain on sale of real estate. Please tell us how you determined it was appropriate to present impairments, store closing and other costs as a separate line item but not to present the gain on sale of real estate as a separate line item. Also tell us how you complied with ASC 360-10-50-3. In future filings including your upcoming Form 10-Q, please present the gain on sale of real estate as a separate line item on the face of your income statement unless such gain is clearly immaterial. Refer to Rule 5-03 of Regulation S-X and ASC 360-10-50-3.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:96px;text-indent:-48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">Response</font><font style="font-family:inherit;font-size:12pt;">:  In response to the Staff&#8217;s comment, the Company advises the Staff that it carefully evaluates the guidance in Rule 5-03 of Regulation S-X and ASC 360-10-50-3 in determining the appropriateness of separate line item presentation in its Consolidated Statements of Income and disclosure of any significant disposals of long-lived assets.  Based on this evaluation, management determined that the Company&#8217;s historical gains on the sale of real estate were not material items warranting separate line item presentation in its Consolidated Statements of Income.  However, such gain amounts have historically been separately disclosed in MD&amp;A, including amounts associated with individually significant transactions, and were also included in the Company&#8217;s Consolidated Statements of Cash Flows for the most recent Form 10-K and Form 10-Q in order to provide transparent information with regards to such transactions.  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In consideration of the Staff&#8217;s comment, beginning with the Form 10-Q for the second quarter of 2017, the Company will present gains on the sale of real estate as a separate </font></div><div><br></div><div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">August 22, 2017</font></div><div style="line-height:120%;padding-bottom:10px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Page 3</font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">line item in its Consolidated Statements of Income and will continue to do so on a going-forward basis as deemed necessary and appropriate. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">*       *       *       *       *       *       *</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">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.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;padding-left:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Very truly yours,</font></div><div style="line-height:120%;padding-top:16px;text-align:left;padding-left:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">/s/  Charles T. Haag</font></div><div style="line-height:120%;padding-top:16px;text-align:left;padding-left:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Charles T. Haag</font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">cc:&#160;&#160;&#160;&#160;Karen Hoguet, Macy&#8217;s, Inc.</font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Felicia Williams, Macy&#8217;s, Inc.</font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Elisa Garcia, Macy&#8217;s, Inc.</font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Ann Steines, Macy&#8217;s, Inc.</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Steve Watts, Macy&#8217;s, Inc.</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">John Atkinson, KPMG LLP</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font></div><div style="line-height:100%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:8pt;">NAI-1502948065v2</font><font style="font-family:inherit;font-size:12pt;">&#32;</font></div><div><br></div><div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
