Financial Highlights

	2009	2008


Net Sales (in billions)	$ 23.489	$ 24.892

Change in same-store sales^{(Note 1)}	(5.3)%	(4.6)%


Operating Income (loss) (in billions)	$ 1.063	$ (4.378)

% of Sales	4.5%	(17.6)%


Operating Income, Excluding Certain Items (in billions) ^{(Note 2)}	$ 1.454	$ 1.402

% of Sales	6.2%	5.6%


Diluted Earnings (Loss) Per Share	$ .83	$ (11.40)

Diluted Earnings Per Share Excluding Certain Items ^{(Note 2)}	$ 1.41	$ 1.26



Cash Flow from Operating Activities (in billions)	$ 1.750	$ 1.866


Cash Flow from Operating Activities net of Cash Used by Investing Activities (in billions) ^{(Note 2)}	$ 1.373	$ 1.074

Notes:
Certain reclassifications were made to prior period amounts to conform with the classifications of such amounts for the most recent period.
(1)	Represents the year-to-year percentage change in net sales from Bloomingdale's and Macy's stores in operation throughout the year presented and the immediately preceding year and all net Internet sales.
(2)	Represents a non-GAAP measure of operating results. The Supplemental Operating Results contains a reconciliation to the most comparable GAAP measure.
The foregoing financial highlights, including non-GAAP measures that exclude certain items, should be read in conjunction with the audited financial statements, including the related notes and other financial information contained in the Company's most recent Securities and Exchange Commission filings.