FINANCIAL ANALYSIS – MACYS 1
Case Study: Historical Financial Analysis – Macy’s
Melissa Ruk
School of Business, Liberty University
BUSI690: Policy and Strategy in Global Competition
Professor Robert Waldo
December 3, 2023
FINANCIAL ANALYSIS – MACYS 2
Macy’s Financial Analysis
Macy's, established in 1851 by Rowland Hussey Macy in New York City, has a history of
commitment to quality products and exceptional customer service (Biron, 2023). The department
store's success led to substantial growth with branches nationwide, making it a significant
influencer in the retail sector. Starting with $85,000 in sales in 1858, Macy's became one of the
world's largest retailers by the early 20th century (Macy's, 2023a). The flagship store at Herald
Square in NYC is an iconic American retail symbol. Despite facing challenges such as store
closures due to changing consumer habits and increased online sales, Macy's remains a
prominent player, adapting to trends and maintaining its status as a household name. This paper
will conduct a historical financial analysis of Macy's financial statements and ratios from 2020,
2021, and 2022, along with a comparison to Nordstrom's financial performance over the same
period. Macy's financial statements and vertical and horizontal analysis can be found in
Appendices A-C, while the same information can be found on Nordtrom in Appendices D-F.
Historical Financial Analysis
Net Sales
The data on Macy's net sales provides insights into the company's financial performance
over the past three years. Macy's impressive performance in net sales over the past three years
suggests a notable growth trajectory. In 2020, Macy's reported net sales of $17,346 million,
