Macy’s, Inc. Board Increases Share Repurchase Authorization by $1.5 Billion

  Macy’s, Inc. Board Increases ShareRepurchase Authorization by $1.5 Billion

Business Wire

CINCINNATI -- December 07, 2012

The board of directors of Macy’s, Inc. (NYSE: M)today increased the company’s
share repurchase authorization by $1.5 billion. This brings the remaining
authorization outstanding, as of the end of the third quarter on Oct. 27,
2012, after giving effect to this increase, to $1.861 billion, which the
company can use to purchase common shares from time to time in the open market
or in other privately negotiated transactions.

“We remain committed to using our excess cash to enhance shareholder value
through share buybacks and dividends,” said Terry J. Lundgren, chairman,
president and chief executive officer of Macy’s, Inc. “This reflects the
strength of our company, and our confidence in our continuing ability to
deliver growth in sales, earnings and cash flow.”

Since resuming its share repurchase program in August 2011, Macy’s, Inc. had
bought back approximately 42.6 million shares for approximately $1.491 billion
through Oct. 27, 2012.

Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the
nation’s premier retailers, with fiscal 2011 sales of $26.4 billion. The
company operates about 840 department stores in 45 states, the District of
Columbia, Guam and Puerto Rico under the names of Macy’s and Bloomingdale’s,
as well as the macys.com and bloomingdales.com websites. The company also
operates 12 Bloomingdale’s Outlet stores.

All statements in this press release that are not statements of historical
fact are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are based upon the
current beliefs and expectations of Macy’s management and are subject to
significant risks and uncertainties. Actual results could differ materially
from those expressed in or implied by the forward-looking statements contained
in this release because of a variety of factors, including conditions to, or
changes in the timing of, proposed transactions, prevailing interest rates and
non-recurring charges, competitive pressures from specialty stores, general
merchandise stores, off-price and discount stores, manufacturers’ outlets, the
Internet, mail-order catalogs and television shopping and general consumer
spending levels, including the impact of the availability and level of
consumer debt, the effect of weather and other factors identified in documents
filed by the company with the Securities and Exchange Commission.

(NOTE: Additional information on Macy’s, Inc., including past news releases,
is available at www.macysinc.com/pressroom).

Contact:

Macy’s, Inc.
Media
Jim Sluzewski, 513-579-7764
or
Investor
Matt Stautberg, 513-579-7780