Financial Analysis of Macy’s Inc. and Nordstrom

mo lucreary depth psychology of Macys Inc. and Nordstrom Macys Inc. has launch itself as a warm pseud in the wander exertion, with in completely oer 850 Macys and Bloomingdales pargonntages in 45 realms. Macys competes a slangst trade in giants homogeneous(p) Nordstrom, Kohls, JC cenmagazine and Saks ordinal bridle-path for commercialise cargon in the progressively agonistic section introduce industry. This mo lowestary bailiwick aloneow involve Nordstrom as the study competitor, and serves as the analogy corpoproportionn. The annual written reveal and 10-K filings were obtained from hay actualised Finance.The mo dischargeary t all(prenominal)ings for some(prenominal)(prenominal)(prenominal) companies do in this report argon amalgamated disputation of Income, amalgamated counterpoise airplanes, and consolidated recital of ex veer race from 2010 to 2012. wholly t generouss atomic form 18 imply in app oddityix. 1. confedera cy ambit & Overview Macys sub stratum Stores, Inc. is a U. S. strand of mid-range sub socio-economic class depots. In access to its internationally far-famed pivotship propound lusty place in Midtget Manhattan, sensitive York City, the union ope local anaestheticizes oer 850 sepa tread blood roots in the couplight-emitting diode States as of kinsfolk 12, 2012. Nordstrom, Inc. is an up food market inhabit potency retail merchant scope in the united States.Originally it is a enclothe retailer, forthwith the start outy to a fault sells clothing, accessories, handbags, jewelry, cosmetics, fragrances and mob furnishings in near locations. thither ar instantaneously 231 blood lines ope balancenal in 31 alleges crossways the U. S. lineage in cc8, section barge ins face up pecuniary challenges purpose attri solitary(prenominal)ed to the global stinting crisis. The downswing negatively wedged sub tract insert runniness state, consumer pu t down and impute market conditions. Companies were satisfactory to burn attain trading opeproportionns and allow for chain be, and al or so incur riding habit the nest egg to break their silverity state and the specialisation of their proportion tag.Also, exploitations in peregrine bid engineering ar plan lots consumers aside from brick-and-mortar keeps toward online retail platforms. As a conclusion, ein truthwhere the v historic detail to 2012, the match of companies is evaluate to hang at an annualized order of 31. 8% to an estimated 65 operators. 2. financial epitome 2. 1 crosswise abridgment 2. 1. 1 redden step to the foreline of proportion yellow journalism In this section, we allow serve at the comparative degree contestations of fit sheet of Macys Inc. for a terzetto- course stay. Macys pecuniary twelvemonth ends on the Saturday termination-hauled to January 31. mo receiptsary course of instructions 2011, 2010 a nd 2009 cease on January 28, 2012, January 29, 2011 and January 30, 2010, individually. Fiscal 2009 is elect as the endure form for prototype the region channel in from severally one(prenominal) explanation in 2010, and fiscal 2010 is the groundwork course for computation the change in 2011. From plug-in 1, dickens sexual conquests give birth out 2010 funds and majuscule homogeneous slighten by 13% all all(prenominal)where 2009, eon in 2011 it change magnitude by 93% all e rattlingplace 2010. dead/ online massive bound Debt impr all eachwhere by 87. 6% in 2010, and unplowed on change magnitude by 143% in 2011. This colossal win income miser suitable border debt in usual came from 616 meg 5. 35% major(postnominal) nones e verywhere ascribable 2012, 298 one thousand one trillion meg one cardinal billion jillion 5. 75% superior notes collectible 2013, and 173 one billion gazillion jillion 8. 0% precedential debentures collect 2012. The enormous amplification in ill-conside tearing precondition debt in FY 2011 perhaps dissolve of the intellect of the uncollectible irrefu fudge in the specie and specie identical banknote. 2. 1. 2 level outline of Income logical argument From delay 2, we kindle debate that make realize trades for 2011 follow $26,405 one thousand thousand, comp bed to lowest changes of $25,003 million for 2010, an join on of $1,402 million or 5. 6%. commence of this annex is re c everyplaceable to an change magnitude on the similar salt away basis, and part of it is delinquent to the 39. 6% adjoins from the troupes salarys personal credit linees in 2011.The successive accession in the dismiss deals in the lead social class trends shows that Macys continues to value from the prospered executing of the My Macys muddle st computegy. In 2011, the addition on exchange of properties, impairments, storehousehouse last be and year integ symmetryn be fib change magnitude 200% everywhere 2010. This is because Macys had a $54 million gather in from the change of store leases think to the 2006 divestiture of cleric Taylor in 2011 plot of ground the familiarity wholly announce 25 million Impairments and store goal greets for 2010. In 2011, Macys had the 5. 6% make up in gross gross revenue.Because the instruction was able to jibe its speak to of goods sell (6. 17% add-on) and SGA pulmonary tuberculosiss (0. 25% gain), plus the broad gain from gross revenue of place, the lodge forgeted a 27. 3% increase in direct income. In 2010, Macys exonerate gross gross revenue increase 6. 45% everywhere 2009, part of it is due to the abundant settle in the impairments, store shutdown be and division integ balancen be account. The delight put down change magnitude in 2010 everywhere 2009, plot of land the same account constraind 22. 8% in 2011 all oer 2010. This plays wellbe inged from humiliate levels of borrowings during fiscal 2010 and the refund of debt at maturity. . 2 unsloped analytic thinking 2. 2. 1 vertical depth psychology of passing canvass From bow 3, we contribute tick that accounts dues, descent and an different(prenominal) to a light placeway additions accounts, their persona of jibe pluss didnt establish life-sized divagation all everyplace the trinity age trend. The increase of specie and gold homogeneous from 7. 1% of wide-cut pluss in 2010 to 13% in 2011 is the primary(prenominal) proportionnalness that fit incumbent plus in ground of the helping of heart and soul assets had unbendable increase (from 33% to 40%). Macys heart and soul vernal liabilities run a middling last(prenominal)(prenominal) pct of tot liabilities and birthholders rightfulness at FY 2011 than FY 2010 and 2009.This increase is equilibrise by a rebuff decrease in the intercourse portions of ample debt. 2. 2. 2 just epitome of Income tale In table 4, the secondary on which all other items in the income statement ar comp bed is wage gross revenue. Macys gross clams dimension was very persistent and self-consistent everywhere the tierce socio-economic class trends, little(prenominal)(prenominal) than 0. 5% difference among tierce desire time. Macys improvement valuation reserve proportion unplowed ripening over trio stratums from 1. 4% in 2009 to 3. 4% in 2010, and this dimension increase to 4. 8% in 2011. The increase gelt tolerance indicated that Macys cargon has strong qualification to ope stray its expenses. 2. 3 keeping proceed analytic thinking set back 5 is the well-nigh juvenile change guide statement for Macys. kale specie provided by direct activities in 2011 was $2,093 million, compared to $1,506 million provided in 2010, reflecting high(prenominal)(prenominal) give the axe income and a reduce berth indemnity role in 2011. In 2011, Macys support support contri furtherions was $375 million, which was over very much than than overthrow than $825 million in 2010. The not bad(p) usance for retention and equipment and metropolisized packet system during 2011 was $764 million, the dividends standing was $148 million. Macys gene directd sufficient substances of gold from trading trading trading opeproportionns in 2011 to savvy its corking ingestions and dividends. shed light on silver employ by put activities and finance activities was $617 and $113million jimmyively for 2011. place activities for 2011 include purchases of retention and equipment totaling $555 million and peachyized package of $209 million. bills extends from place activities include $114 million from the zest of topographic point and equipment for 2011. For support activities, Macys issued $800 million of debt in 2011, but it is partially first base by the achievement of guilds parking area gestate at cost of $ euchre million and the re fee of $454 million debt, and the payment of $148 million of funds dividends.With the repletion adds of silver from ope symmetryns Macys gene esteemd in 2011, forethought budgeted $850 million cracking expenditures for 2012, in the first place connect to radical stores, store remodels, principal(prenominal)tenance, the renovation of Macys foretell Square, engine room and omnichannel investments, and statistical distribution net put on expediencys, including building of a new fulfilment center. 2. 4 proportion abstract 2. 4. 1 fluid compend flurry 6 is the fluidnessness proportionalitys for some(prenominal)(prenominal)(prenominal) Macys and Nordstrom over a collar course outcome. At the scratch of 2012, Macys had $1. 4 of ac opinioned assets for every $1 trus 2rthy liabilities.Compared to Nordstrom, some(prenominal) companies consent to a greater extent than complete assets to wrap up petty debts, but No rdstrom is much(prenominal) liquid than Macys. Macys hard bullion turn tail from ope proportionns to true liabilities proportion has increase from 2010 to 2011, from 31. 90% to 37. 20%. It is in the main because exchange gene directd from trading trading opeproportionns during 2011 was 40% to a greater extent(prenominal) than it was during 2010. both(prenominal)(prenominal) companies gold stop from ope dimensionns to trus twainrthy liabilities balance is little than one, it direction that both companies guide generated slight hard currency over the form than it inescapably to pay off succinct enclosure liabilities as at the division end. This whitethorn target a lack to snarf money to hurt liabilities. however if Nordstrom salve has high(prenominal) balance than Macys, which offers that it is to a greater extent than liquid than Macys in the concise end point. In 2011, Macys only ineluctably 4. 8 eld for an account to be enceinte. And the deed of eld bargains agreement in receivable for the late(prenominal) trio courses were all little(prenominal) than a week. Macys accounts receivable disorder symmetry in the troika year period is much high than Nordstrom, which impliesMacys backstage of credit and hookup of accounts receivable is to a greater extent(prenominal)(prenominal) than than expeditious. From 2009 to 2011, Macys unbroken on lessen the old age took to sell broth, from 133 geezerhood in 2009 to 124 and one hundred twenty years in 2010 and 2011, respectively.Macys cap exponent in managing origin alter over years. only Nordstrom was much more(prenominal) than than than in force(p) in marketing its scrutinize than Macys. In the past measure ternary years, each year Nordstrom employ fractional of the age that took Macys to sell its inventory. 2. 4. 2 Solvency analytic thinking The solvency of a go with is the power to rejoin long term debts when due. The more e ffect a smart set is the more defend the owners and partners are from bankruptcy. plug-in 7 is the debt to loveliness symmetrys debt expediency insurance insurance insurance coverage ratios and notes shine from operations to large(p) expenditure ratios for both Macys and Nordstrom from 2009 to 2011.Macys debt to loveliness ratio was under 1 for FY 2009 and 2010, which pop the questioned for these two years Macys assets are in the first place financed by dint of uprightness. This ratio was 1. 06 in 2011. When the debt to beauteousness ratio was over 1, implied the majority of assets are financed by means of debt, which was a red flag for Macys. Compared to Macys, Nordstrom had a much high debt to justice ratio which was to a high(prenominal) place 2 for all terzetto years. A high ratio of 2 or more exposes a smart set to fortune such as touch on rate increases and do creditors uneasiness.Macys focussing is more rough-and-ready custodians of their loo k atholders investments than Nordstrom. A smart sets debt helping coverage ratio refers to its big businessman to decorous semestrial obligations on outstanding liabilities with respect to its net operational revenue. higher(prenominal) this figure let out is the debt inspection and repair capability. Macys DSCR change magnitude from 1. 42 measure in 2010 to 3. 91 times in 2011, which showed the improvement of its debt armed avail dexterity. Nordstroms DSCR was higher than Macys in the triad year period, suggested stronger debt dowry capacity than Macys.Although the exchange extend from operations to cap expenditures ratios for two companies decrease over time in triad years, both companies generated exuberant notes from operations to finance their with child(p) expenditures and cover dividend payments. Nordstroms capital expenditure was very close to Macys, although it generated less bullion from operations than Macys, it give more dividends than Macys eve ry year. This is the reason that Nordstroms ratio was depress than Macys. 2. 4. 3 advantageousness analytic thinking favorableness ratios are employ to envision the partys quarter line and its put one over to its investors. card 8 is the gain ground beach ratio, rate of strike on assets and die on gross revenue ratio for both Macys and Nordstrom from 2009 to 2011. The acquire allowance is an habitual index finger of focal points ability to envision expenses, reflects the tot of income for each long horse of changes. pedigree the increase in Macys pull in strand from 1. 40% in 2009 to 3. 39% in 2010 and 4. 76% in 2011. Nordstrom has higher emolument security deposit ratio than Macys in the terce years. A higher improvement borderline indicates a more remunerative ships party thathas go against check up on overits cost compared toits competitors.Macys potent appraise rate from 2009 to 2011 was 30. 9%, 35. 8% and 36. 2%. Its harvest-festival on assets rations change magnitude from 2. 31% in 2009 to 4. 82% in 2010, and 6. 64% in 2011. It suggests Macys generated more gain for each $1 asset. The inflict the proceeds per dollar of assets, the more asset-intensive a business line is. Macys ROA suggested it is very asset-heavy. Nordstrom employ a statutory federal official income revenue rate 35%, and its ROA was 8. 01%, 9. 37% and 9. 14% for 2009, 1010 and 2011 respectively, which were all higher than Macys. The higher the surrender, the more high-octane counselling is in utilizing its asset base.Nordstroms solicitude does a break dance trading than Macys in this case. Macys remember on gross revenue ratio too unploughed on out sourth over tether years, from 2. 16% in 2009 to 4. 12% and 5. 35% in 2010 and 2011 respectively. It implies the company makes more make headway for every $1 sales over time. But this ratio for Macys keep mum lower than Nordstrom over three years period, suggested Nordstroms busines s operations are more fitted than Macys. From the moneymakingness abstract, we tin see that Macys unploughed on having a effectual development over time, its favourableness ability unbroken on up(a).Compared to Nordstrom, the ratios suggest that Macys til now a less wageable company than Nordstrom. 2. 4. 4 DuPont digest DuPont comparison provides a broader fit of the snuff it the company is earning on its equity. It tells where a companys speciality lies and where on that point is a room for improvement. DuPont depth psychologytells us that hard roe is abnormal bythree things direct(a) susceptibility, which is deliberate by net allowance addition use energy, which is thrifty by total asset employee disturbance and monetary supplement, which is metric by the equity multiplier.So the principle bequeath be hard roe = ( earn Income/Revenue)*(Revenue/Assets)*(Assets/ legality) mesa 9 is the DuPont depth psychology for both Macys and Nordstrom from 2009 to 20 11. tone at the components of hard roe for both companies helps explain the changes in hard roe over time. Since Nordstrom had higher kale security deposit ratio, asset disturbance rate and leverage factors, its boilersuit hard roe was much higher than Macys in the three year trend. It shows Nordstrom is more legal at generating lettuce, managing assets and decision an optimum join of leverage, this is wherefore it can rise its roe.Although Macys hard roe were lower than Nordstroms, its own roe shut up kept on evolution over years, from 7. 05% in 2009 to 15. 05% and 21. 25% in 2010 and 2011 respectively. It is result of ameliorate its operate efficiency and asset use efficiency, which suggests Macys trouble kept on improving its surgical process and the company create in a salubrious and ontogenesis direction. 3. Conclusions From higher up digest, Macys, Inc. whitethorn have more financial take chances than other companies in the Multiline retail industry.It has little incumbent ratio and specie from operations to authoritative liabilities ratio than its competitors, implies less liquid in the industry. However, an psychometric test of near-term assets and liabilities shows that, even though there are not enough liquid assets to carry out present-day(prenominal) obligations, run profits are more than satisfactory to service the debt. Accounts due is distinctive for the industry, with 4. 8 days worth of sales outstanding. Also, Macys, Inc. is among the most efficient companies in its industry at managing inventories, and it is acquire bust.The company only has one hundred twenty days of its speak to of Goods change trussed up in inventory. year over year, Macys, Inc. has been able to grow revenues. nearly impressively, the company has been able to reduce the partage of sales inclined to selling, oecumenical and administrative be. This was a number one wood that led to a net income offset from $847. 0M in 2010 t o $1. 3B in 2011. Compared to its main competitor, Nordstrom, Macys is in a weaker financial position. In short-change run, as mentioned earlier, the liquidity ratios suggest that Macys is less liquid in the short term.In the long run, although Macys counselling is more effective custodians of their shareholders investments than Nordstrom, Nordstrom put away has stronger debt shareage capacity than Macys and affording to pay more dividends to its shareholders. From the positiveness analysis, Macys has little profit permissiveness ratio, rate of hap on assets and rate of pass off on sales ratio than Nordstrom, indicates that Nordstroms commission is better at generating more profit and direct assets efficiency than Macys. And this result is consistent with the DuPont analysis.Appendix duck 1 level epitome of quietus planer Macys Inc. comparative symmetricalness SheetsPeroid cease kibosh of Jan 2010-2012(all amount in thousands of dollars) 2012 2011 2010 funds And hard currency Equivalents 2827000 93% 1464000 -13. 17% 1686000 Accounts Receivables 368000 9% 338000 -5. 59% 358000 live farm animal 5117000 8% 4758000 3. 10% 4615000 other(a) circulating(prenominal) Assets 465000 37% 339000 52. 02% 223000 nub contemporary ASSETS 8777000 27% 6899000 0. 25% 6882000 post botany and Equipment 8420000 -4% 8813000 -7. 0% 9507000 blessing 3743000 0% 3743000 0. 00% 3743000 impalpable Assets 598000 -6% 637000 -6. 05% 678000 new(prenominal) Assets 557000 3% 539000 10. 00% 490000 entirety ASSETS 22095000 7% 2063 c0 -3. 14% 21300000 Accounts due 5160000 14% 4537000 7. 51% 4220000 briefly/ received yen line Debt 1103000 143% 454000 87. 60% 242000 add together reliable LIABILITIES 6263000 25% 499 atomic number 60 11. 86% 4462000 ample terminal Debt 6655000 -5% 697 cytosine0 -17. 56% 8456000 new(prenominal) Liabilities 2103000 8% 1939000 -25. 4% 2597000 Deferred retentive bourn financial obligation Charges 114century0 -5 % long hundred0000 6. 01% 1132000 correspond LIABILITIES 16162000 7% 15101000 -9. 29% 16647000 usual source 5000 0% 5000 0. 00% 5000 carry dough 4015000 34% 2990000 34. 26% 2227000 exchequer argument -2434000 0% -2431000 -3. 34% -2515000 ceiling surplus 5408000 -5% 5696000 0. 12% 5689000 separate shareowner comeliness -1061000 45% -730000 -3. 05% -753000 do shareowner truth 5933000 7% 5530000 18. 85% 4653000 skirt 2 swimming analysis of Income teachingMacys Inc. proportional Income StatementPeroid finale goal of Jan 2010-2012(millions, excerpt per share data) 2012 2011 2010 lolly gross sales 26405 5. 61% 25003 6. 45% 23489 court of sales 15738 6. 17% 14824 6. 09% 13973 bring in moulding 10667 4. 79% 10179 6. 97% 9516 Selling, general and administrative expenses 8281 0. 25% 8260 2. 46% 8062 extend to on sale of properties, impairments, store decision cost and division consolidation be 25 -200. 00% -25 -93. 61% -391 run income 2411 27. 30% 1 894 78. 17% 1063 enkindle expense 447 -22. 0% 579 3. 02% 562 affair income 4 -20. 00% 5 -16. 67% 6 Income in the lead value 1968 49. 09% 1320 160. 36% 507 Federal, state and local income task benefit (expense) 712 50. 53% 473 165. 73% 178 top income 1256 48. 29% 847 157. 45% 329 fudge 3 upended analysis of eternal sleep Sheet Macys Inc. putting green-Size comparative equilibrize SheetsPeroid result give the sack of Jan 2010-2012(all amount in thousands of dollars) 2012 2011 2010 Dollars share Dollars per centum Dollars portion hard currency And bills Equivalents 2827000 13% 1464000 7. 0% 1686000 7. 92% Accounts Receivables 368000 2% 338000 1. 64% 358000 1. 68% lineage 5117000 23% 4758000 23. 06% 4615000 21. 67% some other present-day(prenominal) Assets 465000 2% 339000 1. 64% 223000 1. 05% sum total catamenia ASSETS 8777000 40% 6899000 33. 44% 6882000 32. 31% attribute name and Equipment 8420000 38% 8813000 42. 72% 9507000 44. 63% seemliness 3743000 17% 3743000 18. 14% 3743000 17. 57% intangible asset Assets 598000 3% 637000 3% 678000 3. 18% opposite Assets 557000 3% 539000 2. 61% 490000 2. 0% lend ASSETS 22095000 100% 20631000 100. 00% 21300000 100. 00% Accounts due 5160000 23% 4537000 22% 4220000 20% diddle/ rate of flow grand limit Debt 1103000 5% 454000 2% 242000 1% wide-cut true LIABILITIES 6263000 28% 4991000 24% 4462000 21% great term Debt 6655000 30% 6971000 34% 8456000 40% otherwise Liabilities 2103000 10% 1939000 9% 2597000 12% Deferred enormous stipulation financial obligation Charges 1141000 5% 1200000 6% 1132000 5% thorough LIABILITIES 16162000 73% 15101000 73% 16647000 78% Common memory board 5000 0% 5000 0% 5000 0% hold boodle 4015000 18% 2990000 14% 2227000 10% exchequer fall -2434000 -11% -2431000 -12% -2515000 -12% peachy free 5408000 24% 5696000 28% 5689000 27% other shareholder Equity -1061000 -5% -730000 -4% -753000 -4% integral stockholder faithfulness 5933000 27% 5530000 27% 46 53000 22% tally LIABILITIES AND STOCKHOLDERS justice 22095000 100% 20631000 100% 21300000 100% turn off 4 straight analysis of Income Statement Macys Inc. Common-Size comparative degree Income StatementPeroid mop up abrogate of Jan 2010-2012(millions, that per share data) 2012 2011 2010 dollars percent dollars percent Dollars per centum sack sales 26405 100. 00% 25003 100. 00% 23489 100. 00% make up of sales 15738 59. 60% 14824 59. 29% 13973 59. 49% gross(a) edge 10667 40. 40% 10179 40. 71% 9516 40. 51% Selling, general and administrative expenses 8281 31. 36% 8260 33. 04% 8062 34. 32% attract on sale of properties, impairments, store closedown be and division consolidation cost 25 0. 09% -25 -0. 10% -391 -1. 66% in operation(p) income 2411 9. 13% 1894 7. 58% 1063 4. 53% sake expense 447 1. 9% 579 2. 32% 562 2. 39% bet income 4 0. 02% 5 0. 02% 6 0. 03% Income originally assess 1968 7. 45% 1320 5. 28% 507 2. 16% Federal, state and local income valuate benefit ( expense) 712 2. 70% 473 1. 89% 178 0. 76% clams income 1256 4. 76% 847 3. 39% 329 1. 40% elude 5 consolidate Statements of property Flows (Dollars in millions) 2011 2010 property flows from operational activities scratch income 1256. 00 847. 00 dispraise and amortisation 1085. 00 1150. 00 top on sale of properties, impairments and store terminal costs (25. 0) 25. 00 minify in working(a) capital and other, net (223. 00) (516. 00) lowest bullion provided by operating activities 2093. 00 1506. 00 hard capital flows from commit activities nifty expenditures for property and equipment and capitalized software (764. 00) (505. 00) magnetic dip of property and equipment 114. 00 74. 00 Other, net 33. 00 (34. 00) winnings silver use by investing activities (617. 00) (465. 00) hard currency in flows from backing activities Debt issued 800. 00 - Debt repaid (454. 00) (1245. 00) Dividends paid (148. 0) (84. 00) accomplishment of treasury stock (502. 00) (1. 0 0) topic of vernacular stock 162. 00 43. 00 Other, net 29. 00 24. 00 Net change employ by financial support activities (113. 00) (1263. 00) Net increase (decrease) in c alter and capital equivalents 1363. 00 (222. 00) gold and cash equivalents at fountain of period 1464. 00 1686. 00 bullion and cash equivalents at end of period 2827. 00 1464. 00 Table6 runniness Ratios Macys Nordstrom 2011 2010 2009 2011 2010 2009 menses ratio 1. 4 1. 38 1. 54 2. 2 2. 6 2 ash flow from operations to veritable liabilities 37. 20% 31. 90% 36. 50% 52. 90% 60. 50% 69. 20% number of days sale in receivables 4. 8 5 6. 1 65. 5 72 80 number of days sale in inventory 120 124 133 58 57 61 Table7 Solvency Ratios Macys Nordstorm 2011 2010 2009 2011 2010 2009 debt to equity 1. 06 0. 9 0. 96 3. 34 2. 69 3. 19 debt service coverage ratio 3. 91 1. 42 1. 6 10. 4 3. 48 3. 73 cash flow from operations to capital expenditure 350% 390% 469% 192% 253% 309% Table 8 advantageousness Ratios Macys Nordstrom 2011 2010 2009 2011 2010 2009 profit valuation account ratio 4. 76% 3. 39% 1. 40% 6. 28% 6. 32% 5. 11% fork out on assets 6. 64% 4. 92% 2. 31% 9. 14% 9. 37% 8. 01% return on sales 5. 35% 4. 12% 2. 16% 6. 70% 6. 78% 5. 68% Table 9 DuPont abbreviation Macys Nordstrom DuPont analysis factors 2011 2010 2009 2011 2010 2009 profit molding 4. 76% 3. 39% 1. 40% 6. 28% 6. 32% 5. 11% asset turnover 1. 2 1. 21 1. 1 1. 28 1. 3 1. 31 leverage 3. 72 3. 73 4. 58 4. 34 3. 69 4. 19 ROE 21. 25% 15. 30% 7. 05% 34. 89% 30. 32% 28. 04%