<SEC-DOCUMENT>0001144204-19-037096.txt : 20190906
<SEC-HEADER>0001144204-19-037096.hdr.sgml : 20190906
<ACCEPTANCE-DATETIME>20190801105034
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-19-037096
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190801

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:			0201

	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>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;[Jones Day Letterhead]</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 1, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>VIA EDGAR</U></I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Jennifer Thompson, Accounting Branch Chief</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Yong Kim, Staff Accountant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Andrew Blume, Staff Accountant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Office of Consumer Products</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>RE:</B></TD><TD STYLE="text-align: justify"><B>Macy&rsquo;s, Inc.<BR>
&#9;Form 10-K for the Fiscal Year Ended February 2, 2019<BR>
&#9;Filed April 3, 2019<BR>
&#9;File No. 001-13536</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Macy&rsquo;s, Inc., a Delaware corporation
(the &ldquo;Company&rdquo;), is in receipt of the comments of the staff (the &ldquo;Staff&rdquo;) of the Securities and Exchange
Commission (the &ldquo;Commission&rdquo;) set forth in the Commission&rsquo;s letter, dated July 29, 2019 (the&nbsp;&ldquo;Comment
Letter&rdquo;), with respect to the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended February 2, 2019 (&ldquo;Form
10-K&rdquo;). On behalf of the Company, we are responding to the Comment Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For your convenience, the italicized numbered
responses set forth below correspond with the comments contained in the Comment Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><U>Form 10-K for the Fiscal Year Ended February
2, 2019</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><U>Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations Results of Operations, page 21</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><I>1.</I></TD><TD><I>Please quantify for us the amount of bluemercury and gift card breakage revenues recorded within your statements of income
for the periods presented. To the extent that these items have and/or are expected to materially impact your statements of operations,
ensure you adequately discuss such trends and impacts within MD&amp;A. For example, please supplement your disclosures if bluemercury
is disproportionately contributing to your comparable sales movements or its sales are not moving in tandem with the sales trends
of your other branded stores.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Consumer Products</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 1, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><U>Response</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In response to the Staff&rsquo;s comment, when evaluating the
disclosures needed in Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations (MD&amp;A), the
Company considers the disclosures required by Item 303(a)(3) of Regulation S-K. In relation to the Staff&rsquo;s inquiry regarding
the impacts of bluemercury and gift card breakage revenues on the trends of the Company&rsquo;s results of operations, the Company
considered the following relative to materiality: [The Company advises the Staff that the remainder of this paragraph is being
provided under separate cover by the Company. By separate letter, the Company has requested confidential treatment of the remainder
of this paragraph pursuant to the provisions of 17 C.F.R. &sect; 200.83.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">In light of the immateriality of both bluemercury
and gift card breakage revenues to the Company&rsquo;s results, the Company believes disclosure of these revenue amounts was not
required within the Results of Operations section of MD&amp;A. The Company continually monitors and considers the financial condition
and results of operations for material impacts and trends that would be meaningful to investors and includes such information within
MD&amp;A as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><U>Important Information Regarding Non-GAAP
Financial Measures, page 29 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><I>2.</I></TD><TD STYLE="padding-right: 0.2in"><I>We note that your presentation on page 32 of &ldquo;Adjusted EBITDA,&rdquo; when used as the
numerator to your ROIC calculation, differs from your &quot;Adjusted EBITDA&quot; figure presented elsewhere in your filing, including
on page 31. Since the presentation on page 32 excludes rent expense, please consider labeling this measure as &ldquo;Adjusted EBITDA,
excluding rent expense,&rdquo; or a similar name, to convey to your readers that these are, in fact, different measures.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><U>Response</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">In response to the Staff&rsquo;s comment,
in future disclosures the Company will label the Adjusted EBITDA measure used as the numerator to the ROIC calculation as &ldquo;Adjusted
EBITDA, excluding net rent expense.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.55pt 0pt 0; text-indent: 0in"><U>Item 7. Management's Discussion
and Analysis of Financial Condition and Results of Operations Critical Accounting Policies, page 33</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.55pt 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><I>3.</I></TD><TD STYLE="padding-right: 5.05pt"><I>We note that your common stock price and your overall market capitalization have significantly
declined since the completion of your annual goodwill impairment test at the end of May 2018. Since a decline in market capitalization
may be indicative of a potential goodwill impairment and goodwill is material to your financial statements, please include a goodwill
impairment critical accounting policy in future filings or advise us why you believe goodwill impairment does not represent a critical
accounting policy. We believe critical accounting policy disclosures should include, but not be limited to, a discussion of the
significant decline in your market capitalization and how that impacted your goodwill impairment assessment. Also, to the extent
you performed step one of your goodwill impairment test and any of your reporting units are at risk of failing step one of the
test, please also disclose:</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Consumer Products</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 1, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="padding-right: 9.85pt"><I>The percentage by which fair value exceeded carrying value as of the date of the most recent
test;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>The amount of goodwill allocated to the reporting unit;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="padding-right: 11.05pt"><I>A description of the methods and key assumptions used and how the key assumptions were determined;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>A discussion of the degree of uncertainty associated with the key assumptions; and</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="padding-right: 56.9pt"><I>A description of potential events and/or changes in circumstances that could reasonably be
expected to negatively affect the key assumptions.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in; margin-left: 0.5in"><I>Please note that a reporting
unit may be at risk of failing step one of the impairment test if it had a fair value that is not substantially in excess of carrying
value as of the date of the last impairment test.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.3pt 0pt 40.8pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><U>Response</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company acknowledges the Staff&rsquo;s
comment and has considered the Company&rsquo;s common stock price and overall market capitalization when preparing its previous
disclosures and in the performance of its goodwill impairment tests. In continued consideration of these factors in fiscal 2019,
the Company has elected to perform step one of the goodwill impairment test as part of its annual assessment, which is being measured
as of the end of May 2019. As such, the Company will include a goodwill critical accounting policy in its future filings, beginning
with its Quarterly Report on Form 10-Q for the second quarter of fiscal 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, in its future filings, the
Company will consider the requirements included in Item 303(a)(3)(ii) of Regulation S-K and Section V of Interpretive Release No.
33-8350. If a reporting unit's fair value is not substantially in excess of carrying value and therefore at risk of failing step
one of the goodwill impairment test, the Company will include the requested disclosures to provide investors with that additional
information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the above responses,
the Company acknowledges that the Company is responsible for the adequacy and accuracy of the disclosure in its filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Consumer Products</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 1, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you have any questions regarding these
matters, please do not hesitate to contact the undersigned at (216) 586-7103.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding: 0 0 1pt; font-size: 10pt"></TD>
    <TD STYLE="width: 40%; padding: 0 0 1pt; font-size: 10pt">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0 0 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0 0 1pt; font-size: 10pt"><U>/s/ Michael J. Solecki&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0 0 1pt; font-size: 10pt">Michael J. Solecki</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Cc:</TD><TD STYLE="text-align: justify">Paula A. Price, Macy&rsquo;s, Inc.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Elisa D. Garcia, Macy&rsquo;s, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Felicia Williams, Macy&rsquo;s, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Brian Roberson, KPMG LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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