Macy's said earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $266.1 million from $205 million in the same month of 1992, as reported.
Myron E. Ullman, chairman and chief executive officer, told employees on Friday, via a closed-circuit telecast in which he was bringing them up to date on developments connected with the bid from Federated Department Stores, that almost half, or $29 million, of the $61.1 million EBITDA gain came from East Coast operations. The West, which includes Bullock's and Macy's, contributed $23 million. The rest came from Macy's specialty store operations and I. Magnin.
Total sales slipped to $1.17 billion from $1.19 billion. On a comparable-store basis and adjusted for the discontinuation of the electronics business, sales increased 1.7 percent. This confirms a report in a story in these columns on Jan. 7.
The company said it had $279 million in cash as of Dec. 31, which was $40 million ahead of plan. Macy's also had $475 million of bank lines available.