For Macy's, Inc., please provide the following: Historical Financial Statements (Income Statement, Balance Sheet and Statement of Cash Flows) from the 3 most current years for the firm. These should be downloaded from the SEC website. The financial statements must include horizontal (shown between the years) and vertical analysis (shown to the right of the last year of historical data).

1. Ratio analysis for the ratios shown on Table 1 in the Guide to Case Analysis (CA) of the textbook:
   1. Profitability ratios
   2. Liquidity ratios
   3. Leverage ratios
   4. Activity ratios
   5. Price-to-earnings ratio
   6. The changes between years are included in the calculations.
2. Competitor ratios to compare with the ratios that were calculated in item 2. These should be included on the same tab as the ratio analysis for the firm.
3. Financial analysis should include comparisons to the firm's main competitor as well as to the industry. How does the financial position of the firm influence the strategic direction of the company? This section should not be used to define what each ratio is rather it should clearly provide analysis based on the calculations as to the strategic choices and implications of the firm's financial position. A compare and contrast with the main competitor should be included in this section of narrative.