Animal Cruelty Essay Example for Free

Animal Cruelty Essay To bring awareness to my audience about animal cruelty. Introduction: As humanity has grown, there has been an increase in authority and rules and regulations of everyday life. One of these rules is animal cruelty. Animal cruelty simply means cruel unjustified treatment of animals and sometimes pets to unnecessary harm and pain. One principal type of animal cruelty is torture. It is not ethical, moral, or legal but we humans do it.. One of the places we see the most animal cruelty is in the circuses. Animals in circuses are regularly and dangerously exposed to many abuses and diseases. Circuses do not practice what they preach and indulge in animal cruelty on a regular basis, after the training sessions of the circuses, tight collars, whips; beatings and torture are the order of the day for these animals. Elephants are one of the animals that suffer from major diseases in the circuses like tuberculosis and can infect humans with the bacterial disease. Some cases show that the elephants were not cured medically for wounds caused during beatings and other natural causes. Circuses have known to keep a large amount of soil ready, to hide the wounds and the blood on the elephants. Some elephants have also suffered from lameness, arthritis and food abscesses. Elephant deaths in circuses are normally caused due to osteoporosis. Elephants suffer from Osteoporosis simply because they do not have wide spaces to move around. Due to the cruel treatments, it has been proved that circus animals are dying at a higher rate than they are breeding. Circuses teach children that its acceptable to abuse and mistreat animals for amusement Another animal cruelty is with dogs, people seem to think that fighting is a dog’s nature. Dogs are not the same as humans, but dogs do feel physical pain. Just because a dog cant say That hurts! doesnt mean they dont feel pain. Dogs also suffer from feelings such as loneliness when left chained. Thats why they howl and bark, to try and get some attention and if they are ignored dogs stops howling, its because hes given up hope. So much cruelty is involved in dogfighting. Dogs are tortured to make them violent. Kittens and puppies are used as bait to teach dogs to kill. Illegal drugs and weapons are usual at dogfights. Fighting dogs usually live on chains their whole lives. Other animal cruelty we see is when they make experiments on animals, like monkeys, mouse, gineapigs etc. Monkeys and others animals do not have identical immune systems as humans, and may not respond to drugs or vaccines in the same way. Animals are often depressed alternatives for humans, and some mixtures that may well cause no harm to an animal, could seriously harm a human being. Also, a drug that is toxic to the animal it is tested on may have no toxicity, and even healing benefits in humans. Pain and suffering still occur, and simply being in captivity can cause great distress to animals, just as it would to a human. We most of the times forget the pain and suffering we are causing to animals, we use them as objects of study, rather than live creatures, and this can mean they are treated as disposable rather than indispensable.

Grapes of Wrath Essay Example for Free

Grapes of Wrath Essay In Grapes of Wrath, John Steinbeck wrote about the Joads and their forced migration from Oklahoma to California. They were forced to leave their simple farming life because of the Great Depression. Through the struggles of the members and friends of the Joads, Steinbeck was able to portray an undesirable, yet accurate picture of America in the early twentieth century. Thus, this story is considered as one of the most powerful social novels in human history. But, Steinbeck did not just describe the country where he lived. In the later part of the novel, Steinbeck crafted a political message that is intended to change the present and unacceptable state of America. In Nobody Knows My Name, James Baldwin wrote a series of essays about the experiences, thoughts, and struggles of an African-American deep in the heart of Europe. The collection of essays appears to be a rite of passage for Baldwin who did not want to be labeled as a Negro writer, but simply an American writer. But, through the series of essays, Baldwin wove together his own political message, which wanted to radically shift the point of view of society about what America is all about. In both pieces of literature, it can be found that the written works of art are not just mere expressions of the authors’ creativity. This is because a simple creative expression is wandering and aimless. The written art is similar to a powerful sword that can be wielded to effect political and social changes, but this figurative sword obeys the authors’ personal views that are derived from their personal experiences. Despite the personal basis of the authors’ opinions, the political nature of the written art is needed in societies that are thrown in the midst of division and conflict because the political nature of written art serves as a guiding beacon of light, both for the ordinary citizens and for the political leaders. Steinbeck’s Grapes of Wrath has many interpretations that originate from varying perspectives, such as religious, economic, social, political, and personal. The same could be said of Baldwin’s Nobody Knows My Name. Different and numerous interpretations of literary works are acceptable because that is the nature of all literary works and the authors could not be confronted and asked to choose which interpretation is the most accurate. It is probable that Steinbeck purposely wove a novel that is a mosaic of several messages. And it is also probable that Baldwin delved into different issues and each essay in the said collection might be about more than one perspective. But, in comparing the novel and the essay collection, the two perspectives that will be analyzed are the similar personal and the political beliefs of the authors about the American society. Both Steinbeck and Baldwin see a divided American society. In Steinbeck’s novel, the division is between the rich and the poor. This division is felt sharply in the Great Depression when the rich and powerful preyed on the desperation of the poor people. The reputed rich grape vineyards in California became attractive to the Joads and other poor people who are suffering the pangs of hunger due to the poor harvest. The house was dead, and the fields were dead† (Steinbeck, 135). The family chose to uproot themselves and went to California. But, the vineyards did not deliver the promise of providing enough food security for the people. Instead, the Joads toiled hard, day and night, but remained poor, oppressed, and discriminated. In Baldwin’s essay, the division is between the Blacks and the White. The Civil War has ended but the discrimination against the Black Americans remained. Many Americans gave lip service to the concept of equality and assimilation, but it is far more difficult to remove the generations-old dogma of Blacks being an inferior race. Hoping to achieve the desired state of equality, the Blacks fought by excelling in the fields of sports, music, and literature. But this was not enough. Instead, the Blacks continued to endure discrimination. The nature of the division that was described by Steinbeck may not be exactly the same as the division described by Baldwin. But the division and the conflict are strongly felt. And because of the presence of the conflict, America is not united. Unfortunately, there are more conflicts that exist other than the conflict between people of different races and people who come from different socio-economic status. There are conflicts based on gender, education, and sexual orientation. â€Å"The tensions of American life, as well as the possibilities, are tremendous† (Baldwin, 11). But what could be the long-term implications of having a divided country? Both Steinbeck and Baldwin predicted that the present divisions in America would lead to overwhelming wrath that might destroy society. In Steinbeck’s novel, the poor finds that many of their opportunities are kept away from them or wasted away by the rich and powerful. â€Å"The people come with nets to fish for potatoes in the river, and the guards hold them back †¦ in the eyes of the hungry there is a growing wrath† (Steinbeck, 477). It is suggested that the travels of Steinbeck revealed to him the desolate state of his country and the increasing resentment of the poor. In Baldwin’s essay Fifth Avenue, Uptown: a Letter from Harlem, he described the rotting and festering social situation of Harlem, the corner of the world where he grew up. Baldwin drew upon his experiences and observations when he was still living in Harlem to create this essay that depicts the oppression that the Whites wielded through the police. The policemen â€Å"represent the force of the white world the black man corralled up here, in his place† (Baldwin, 57). The Blacks have began to realize that they were being discriminated and that the basic right to human dignity was been taken away from them through the selfish and callous way that the Whites treated them in the past decades. But, instead of being apologetic, the Whites, being the majority, demanded assimilation. It would be inevitable that the Blacks would feel resentment. And with resentment, there would be a burgeoning anger. Steinbeck and Baldwin are personally aware of the negative effects of the existing conflicts in their societies. They knew that anger would be fermented. There is a limit to the patience of the people who are being oppressed. What then should Americans do with the existing conflicts in their country? Both Steinbeck and Baldwin personally believed that there must be a radical political change in the country, but for any radical change to happen, there should also be a radical change within each individual American. In Steinbeck’s novel, there were many characters that underwent changes throughout the story. However, the character that underwent the most radical change was Rose of Sharon, who, after suffering from the loss of her own child, has agreed to nurse an old man. â€Å"Then she lay down beside him. He shook his head slowly from side to side. Rose of Sharon loosened one side of the blanket and bared her breast† (Steinbeck, 619). This last scene in Steinbeck’s novel often elicits a violent reaction from readers. But, upon reflection, it was the most humane act of all. The violent reaction occurred simply because many readers are trapped within the bounds of society’s conventions. Without these conventions, the readers will be rid of preconceptions that prevent them from reaching out to other people. Without preconceptions, the division between the poor and the rich would eventually disappear. In Baldwin’s essays, the personal change that he wanted to obtain is to prevent the self from following the tides of anger that will sweep and destroy the country. Thus, instead of wearing the easy cloak called Negro writer, he chose to create a new one, the American writer. He found that the American writers of his time lack the sense of purpose that a literary artist should have. This is because the American writer, similar to the many readers of Steinbeck, is trapped by conventions of society. Baldwin believes that unless the American writer â€Å"is released from the habit of flexing his muscles and proving that he is just a regular guy that he realizes how crippling this habit has been† (Baldwin, 6). If all Americans will remove the concept of race from their minds, they will find that there is no Negro problem after all. The concept of effecting an individual change prior to achieving a wider social change evolved primarily from the personal experiences of the authors and from their observations. These were distilled to create the plot of the novel and the subject of the essays. As influential authors, were Steinbeck and Baldwin ethically appropriate in creating literary works that came from their personal experiences and personal political beliefs? The answer is an affirmative. The literary artist must take his own personal history, distill truth from his experiences, and use his insights responsibly by sending a political and social message to the rest of the world.

Cinema Is A Development Through Many Ages English Language Essay

Cinema Is A Development Through Many Ages English Language Essay Movie also is a great entertainment for peoples. Nowadays, many people love movies and going to the cinema for movie, especially the youngest generation. Cinema are attracted to people and they will be going to the cinema watching movie every week or twice a week for relaxing after day of work or study and this already become as a trend. Cinema is a nice place for entertainment, relax, enjoyable and fun for teenagers, forms a part of our leisure time because of today life has grown complex, full of worries and anxieties. Some of their life cannot without movie. Movie will teaching a lot for us that about life in the world. We are not only can learn and make our lives better and also learn reality in life from the movies. Movies also keep updated us and know the new information, famous and popular things, place or people around the world. A research shows (Levy, n.d) the vast majority (79 perecnt) of those questioned said, Going to the movies is a good escape from everyday life. A fil m can change people life become better or worse. There have 9 types of movies are shown in cinema such as horror movies, romantic movies, drama movies, suspense movies, action movies, violence movies, comedy movies and documentary movies. Despite the fact that, watching a movie not only can affects on moral values and cultures on people who are college students, scholar and childrens and also individual behavior. It can be influence in a numerous ways. The effects of movies are various, including weighing on elements of sex and race. Some of the peoples will influence their thinking, action and attitudes changes on some level by movies but movie has good influence for youth also. In fact, movie has beneficial and harmful effect of media on youth. According to appendix A, the questionnaire and survey shows 21 out of 30 are said that teenagers like to go cinema, others are neutral and disagree. In the other hand, 13 out of 30 are said that movie will influence the behavior and attitude of teenagers in general. Many of parents will control their children going to the cinema for movie or watching film in the house. The reasons of their parents control them because they worry their child influence bad attitude and moral influence from movie like smoking and fashionable such as hairstyle and wearing. Cinema would be easily influence teenagers attitude and thinking, they will change their mind. They would change their habits and try to imitate their favorite stars hairstyle, wearing and attitude. For example, some of the children they would learn smoking from the movie. Violence movie will influence teenagers whose mine are childish. They will try to imitate like ga ngster and doing bad things. Example damage people house and cars fight with others people, bullying and vandalism. Romantic movies also will affect youth thinking and behavior. After youth watch a romantic movie, the percentage of early married will increase because the end of the movie is the best. Many people agree watching movie on weekends but teenagers, scholar, student and college student who spend too much on watching movie will be addicted and tend have sedentary lifestyle. They will not only influence their cultural, lifestyle and homework and also physical influence. Physical influence means influence their health. They always stay at cinema or home watch movie and lack of doing exercise at outside to absorb a fresh air so that they will get fat and illness. Besides that, from the survey are said that 14 out of 30 said that the movie tickets are very expensive. It would be increase the expense of the parent. The survey are said that 16 out of 30 said that are disagree movies that are played more than 1 hour are wasting time. I am agreeing also because sometimes watching movie is not wasting time. That is giving us relax after working or study. Watching movie will keep updating us with the world what had happening and trend around the world. The questionnaire shows that movie will not affect relationship like family relationship, friends and couple relationship. I am agreeing movie is a best way to improve relationship when they are sitting together watch a film because they can share and communicate about their feeling, opinion or thinking from the movie, especially family relationship. Parents should spend one or two hours for movie to accompany their children. From that, parents can know well what their children thinking and doing. Furthermore, the questionnaire survey shows that 10 out of 30 are agree movies will help us to be more creative. 12 out of 30 are disagreeing with the movies help us to be more creative and 8 out of 30 are neutral. Movie is a mind-killer. It dulls you. In my opinion, watching movie will disturb youth mind while there are doing homework or finding a creative inspiration because most of the youth, even though is adult, they also will concentrate on movie more than their tasks. The survey of questionnaire shows that 13 out of 30 are agreeing movies will affect performance in education. Parents must be full of supervision because movies will affect youth examination result, affecting college students, scholar and children reading habit. However, movies can be a powerful teacher. Sometimes youth will learn harmony, cooperation, kindness though the movie. A recent article (Anon., 2003) states that high school programming promoting media have been shown too beneficial, they give students mo re understanding when learning. And also movies will help youth to improve their language. Conclusion and Recommendation: In the conclusion, my opinion, movie is harmful more than beneficial for youth. Movie has big power to affect youth thinking, attitude, behavior, habits, lifestyle, cultural and hobby, even though is an adult. In the cinema, violence movies shouldnt band but less than 18 years old should prohibition watching violence movie in cinema so that can reduce youth imitate to be a gangster, doing a vandalism and the world may be reduce scum because under 18 years old their mind are still young, they cant analysis what are right and wrong. For me, I am not agreeing every weekend going for movie that is not necessarily because tickets of the movies are expensive. It will increase parents burden. Sometimes parents should spend some times to accompany their children watching movie and control them do not spend too much time for movie although they are Study College or University because movie will influence their examination result. Watching movie is a great ways to improve relationship with fam ily and friends, not only couple. It can know well each others for the movie. However, movies will giving us relax and entertainment after working or study. In addition, movie will improve youth language and communicating skill with others. Question 2 Cheong Kar Mun 25, Persiaran Wira Jaya Timur 27, Taman Gunung View, 31350 Ipoh, Perak. Prime Ministry, Local Education Authority, 62, Jalan Damai, Off Jalan Ampang 55000 Kuala Lumpur, Perak Darul Ridzuan. 4th October 2012 Dear Sir/ Madam, Education Ministry to Support Teaching of Science and Mathematics in English My name is Cheong Kar Mun, study Diploma in Business Management at Olympia College Ipoh. I am support teaching of Science and Mathematics in English. Early learning science and mathematics in English for children are extremely important. 2. Nowadays, English used widely and can be founded in everywhere. English are considering as the most important language of the world. Teachers teaching Mathematics and Science in English since student are young age, it will continue accessing knowledge even they after graduate their high school, especially in sector of science. Learning mathematics in English since their young age will give students ability to learn advances subjects like physics and chemistry. Knowing English can helpful for scholars can communicate ideas and research finding peers in their field. That is a lot of information are available in English from library or internet. Scholar interested in doing research at an academic level on new scientific developments so that the prime minister should consider the Science and Mathematics teaching in English. They can search their scientific knowledge to foreign people through internet. Students will find a lot of the latest science information. Furthermore, if students do not understand the teacher explanation and they faces the difficult question on their lesson, revision or project works so that students can search more information of science through network. Many of network those are about scientific information will use and explanation in English. I am support using English to teaching Science and Mathematics because student can more understand and solve their problem and research easily when they search information through network. Education in English since they are young age is easily for them continue their higher studies because many of universities are using English in teaching include local university and some of parents send their child to overseas like United Kingdom, United State and Australia so that they can easily get their teacher explanation and teaching. They would no problem if they are taken in subject in engineering, medical, IT and accountancy fields. 3. The Star (2008) states that Science and Mathematics in English can help increase proficiency. Ministry of Education supposed to teaching Science and Mathematics in English when student Standard One. The aims of teaching Science and Mathematics in English can motivate students to learn English language efficiently and students will be used to English while communicate with other people and can speak fluent in English. Malaysia can improve their English level. The Star (2007) states that more of the people will speak in English than any other language, is the native language of more than 350 million people. Using English in education not only can motivate student speak English they still can learn more English words and proper grammar, new words and also focus on the scientific vocabulary. Students will improve their pronunciation. Some of the family they are using their mother tongue to communicate, if the school still using other language like Malay or Chinese to teach science and mathematics that would not be only cannot improve the standard of English and motivate them to learn English language, scientific vocabulary and also cannot speak fluent in English. If teaching in Malay language, student only can speak fluent in Malay and used to communicate with people in Malay, this should not be improving the ability of students to communicate in English. Lim Kit Siang (n.d) informed that the study found that fewer than 15 percent of teachers were fluent in English, and that most teach using a combination of both languages. Government should first train the teachers who are lack in English language only can improve the young generation English. 4. Teaching English and Mathematics in English not only pave the way for the youngest generation for student also very useful in their future, especially in science development. English language will help us and give us have confidence after graduate and it will bring for youngest generation a lot of challenges. Learning English language also is the key to our success. If we do it well in Mathematics and Science foundation in English language will have a lot of chances in job market are related Science and Mathematics because English is international language. Who are interested in accountant and having math foundation and higher math in English is useful of seeking accountancy job. In a business view, a international companies or corporation company will first consider and hire a employees are best, can speak well and write well in English and also dual language because they will easily communicate and doing a report with their clients those are in other foreign countries which they are do not know speaking in Malay or Chinese. However how excellent in the result is, if do not know and speak in English, that will always miss the job opportunities. Many of documents, report, projects, contracts, memo and emails are written in English, peoples are known in English it will easy to handle and understand the project or the job. The language of English has become internationally across the world especially daily communicating, business, science, technology, banking, medicine, computing, tourism and engineering. Speak well in English language in addition to native language can be beneficial if people are seeking job with international companies. They would not be communicating problem in workplace when they working. English language has become a basic requirement for students and job seekers will increasingly in globalised world. If can speak fluent in English will get the great job easy. 5. In addition, speak well in English like can much closer and more connected with the world. If when we going for travel at foreign country like United States, United Kingdom, Canada and Australia and so on so that we can get the travel become easier communicate with local people that may not speak any other language and it will be more enjoyable. Most of the banks, airports, and restaurant and hotel employees will communicate in English with customers and using English sign to guide you, especially 5 stars and above or high class restaurant. And the signboard of foreign country will write in English. Nowadays, not only in foreign country, it also in local country will communicate in English language in particular places like banks, high class restaurants and hotel. 6. In conclusion, my opinion teaching of Science and Mathematics in English must be continued for the betterment of future graduates and will practicing students English skills. Students will communicate in Malay, Mandarin and Cantonese language with their friends in the campus but they less using English to communicate so that I support using English to teaching Science and Mathematics because it will very helpful to train students used to using and learn English in the science and mathematics subjects. English language is the internationally language and would easy to search information of sector in science and mathematics. This is also a best way and the easy way to sew up the gap between the foreigners with us, especially science and mathematics development. In Malaysia, Malay language is the language to unite us while English language is important for us to stay relevant, intelligent, wise, positive, survive and successfully. Thank You. Your faithfully, - (CHEONG KAR MUN) Anon. (2003). Impact of media use on children and youth. Paediatrics Child Health. 8 (5), p301-306. Seucan, M. (2012). Cinema Influences Young Peoples View of the World. Available: http://ezinearticles.com/?Cinema-Influences-Young-Peoples-View-of-the-Worldid=7035864. Last accessed 6th Nov 2012.

The House On Mango Street :: essays research papers

The House on Mango Street is a collection of mini stories wrapped around a Latin-girl’s view of her neighborhood and neighbors. Esperanza hates her name, it’s hope in English but has too many letters in Spanish. She is named after her free-spirited Grandmother, and lives with her parents and two brothers and one sister. Esperanza has moved every year to a new rental. Her parents always talk of owning their own home, and what it would be like. They finally move to Mango Street and don’t have to bother with landlords banging on the ceiling or floor, and they don’t have to share space. It definitely isn’t the home of their dreams, but even when Esperanza leaves this street, she will always remember the roots it gave her. The main character in this book is Esperanza, who is also the narrator. Esperanza has a way of finding everyone’s little idiosyncrasies that make us unique individuals. Boys and girls live in separate worlds, so Nettie, her sister is her responsibility and tags along everywhere. Lucy and Rachel are sisters that are her friends; they play games and watch the coming and goings of Mango Street. Louie, who lives in an apartment down the street, has a cousin, Marin, visiting from Puerto Rico. Marin tells the girls things about make-up and boys. One of Louie’s cousins visits with a beautiful yellow convertible and takes Marin and the girls for a ride. The white leather upholstery is like a beautiful sofa. They ride around the neighborhood. The girls are really impressed, and then he stops suddenly and tells them to get out quick. He speeds away and they hear sirens. He crashes and the beautiful car looks like an accordion. He is handcuffed and taken to jail. The girls wave and thank him. Esperanza is vaguely aware of what is going on, she is telling the story as a little girl with no concept of the significance of what is happening. Some of these stories told are from the innocence of youth, but the harsh reality makes some of the stories about the people sad and unfortunately true.

Borderline Personality Disorder Essays -- Psychology Psychological Hea

Borderline personality disorder "is defined in the DSM IV, a manual used by psychiatrists to diagnose all mental disorders, as an AXIS II disorder which has symptoms of impulsively and emotional dysregulation" (Livesley 146). A person with BPD has feelings of abandonment and emptiness, and has "frantic efforts to avoid abandonment, going to extremes to keep someone from leaving" (Burger 300). He or she is emotionally unstable and forms intense but unstable interpersonal relationships. They show impulsive behavior, such as spending money, sex, eating and substance abuse. Borderlines engage in self-manipulating behaviors and recurrent suicide attempts and thoughts. "Their behavior can be seen as maladaptive methods of coping with constant emotional pain" (Livesley 144). "Personality includes those aspects of a person's thinking, moods and behavior which affect his or her relationship with others" (Livesley 98). Differences in personality style (traits) add color and variety to relationships but may become too extreme, inflexible or maladaptive, significantly impairing a person's ability to function. When a person is not able to deal with people or problems of the environment, he or she is said to have a Personality Disorder (Livesley 99). "Originally the term borderline was used to refer to individuals whose adjustment was on the borderline between normal and psychotic" (Holmes 393). Today borderline personality disorder is primarily marked by instability, showing different symptoms at different times. Most of the symptoms revolve around problems of mood, mild disturbance in thought processes, and impulsive self-injurious behavior (Holmes 393). All of this prevents the borderline to have interpersonal relationships. Individuals with the borderline personality disorder tend to have intense relationships that are very unstable. "Frequent interpersonal conflict, unstable, stormy relationships are characteristics of a borderline; Relationships usually have "love and hate characteristics" (Durand 334). Individuals with this disorder do not simply drift in and out of friendships, but instead show abrupt, frequent and dramatic changes between "intense love and equally intense hate" (Durand 334) in any one relationship. The fluctuations in their mood, involved with their anger; involved with their thought disturbances, and mixed with their paranoid thoughts ab... ...ometimes symptoms can go unnoticed or are misunderstood. "Persons with BPD may often be thought of as manipulative or as attention-seeking (Burger 134). They can sometimes "act as if" they are okay. "People with BPD need validation and acknowledgment of the pain they struggle to live with as well as compassion without blame or judgments (Durand 99). Family members should always take suicidal statements and threats seriously and alert a mental health professional as soon as possible. "Education for family members cannot be stressed enough (Durand 99). Families need to learn all they can about BPD so that they can advocate for appropriate treatment for their loved ones. Informed families are then better able to deal with the stigma often encountered from mental health professionals. Instability might not even do borderlines justice, (Burger 199) chaotic is the best word to describe the life of a borderline. Their lives are intense their friendships abrupt. BPD is extremely painful to the patients, their families and to society. People with BPD experience intense emotions and are very vulnerable. They are among the most intensive and extensive utilizes of mental health services.

Star Mars :: essays research papers

Star Mars Since the boom in space technology about 30 years ago, man has found the method for expanding his existence beyond the many once thought "unbreakable barriers." Together with this development in space technology came a large quantity of information and discoveries of the compounds of the universe, and scientific questions seemed to jump out in equal number. The question that captures the eye of the media today causing a bitter controversy is probably the most easy to understand, considering the complex astronomy jargon. Is life possible on Mars? The fact is we still don't know. "Some of the early arguments we now know to be almost certainly erroneous, but even the most recent pieces of evidence do not unambiguously demonstrate the existence of life on Mars." ( Sagan and Shklovskii 273) Some scientist believe man should look up in the sky searching for new habitats for future generations, since human kind today seems to be going backwards in many aspects of the earth's ecology. The first attempt would be to study the moon; the second, our neighbor planet. Unfortunately, our actual technology slightly provides strong, useful information about the red planet because of the vast distance between us. While people such as Steven Spielberg and George Lucas try to convince us with hundred million dollar movies that we are not alone, engineers and geologists like from the NASA-Stanford University team pursue, based on true evidence, the idea of possible life on Mars. However, the burden of proof is sometimes too heavy even based on real evidence. The tough debate started on August 1996, when scientists from the NASA-SU team announced that a meteorite found on the Antartica contained evidence of past life on the red planet. They supported their conclusion on the basis of organic molecules, carbonates, and minerals found inside the rock, which are basic components of living things. This announcement astonished the world, but not the critics who skeptically stated opposite explanations for each of the components discovered. The main discussion focused by critics like Allan Treiman arguing that "This scientist have lowered the standards of evidence rather than raised them, which is what you would expect for a claim this extraordinary." (qtd. in Begley and Rogers 58) The problem raises when it is proved that those kinds of minerals and organic molecules found in the meteorite, which fell from Mars about 13,000 years ago, can also be formed during nonbiological reactions such as very high temperatures. For us, the common magazine readers, it is difficult to deal with these two positions: the final acceptance of extraterrestrial life, which is the

Financial Analysis of Macy’s Inc. and Nordstrom

Financial Analysis of Macy’s Inc. and Nordstrom Macy’s Inc. has established itself as a strong player in the retail industry, with over 850 Macy’s and Bloomingdale’s stores in 45 states. Macy’s competes against retail giants like Nordstrom, Kohl’s, JC penny and Saks Fifth Avenue for market share in the increasingly competitive department store industry. This financial report will choose Nordstrom as the major competitor, and serves as the comparison company. The annual report and 10-K filings were obtained from Yahoo! Finance.The financial statements for both companies used in this report are Consolidated Statement of Income, Consolidated Balance Sheets, and Consolidated Statement of Cash Flow from 2010 to 2012. All tables are included in appendix. 1. Company background & Overview Macy's Department Stores, Inc. is a U. S. chain of mid-range department stores. In addition to its internationally renowned flagship Herald Square location in Midto wn Manhattan, New York City, the company operates over 850 other stores in the United States as of September 12, 2012. Nordstrom, Inc. is an upscale fashion specialty retailer chain in the United States.Originally it is a shoe retailer, nowadays the company also sells clothing, accessories, handbags, jewelry, cosmetics, fragrances and home furnishings in some locations. There are now 231 stores operating in 31 states across the U. S. Beginning in 2008, department stores faced financial challenges partially attributed to the global economic crisis. The downturn negatively impacted department store liquidity, consumer spending and credit market conditions. Companies were able to cut operations and supply chain costs, and most have utilized the savings to improve their liquidity and the strength of their balance sheet.Also, developments in mobile phone technology are drawing more consumers away from brick-and-mortar stores toward online retail platforms. As a result, over the five year s to 2012, the number of companies is expected to decrease at an annualized rate of 31. 8% to an estimated 65 operators. 2. Financial analysis 2. 1 Horizontal analysis 2. 1. 1 Horizontal analysis of Balance Sheet In this section, we will look at the comparative statements of balance sheet of Macy’s Inc. for a three-year period. Macy’s fiscal year ends on the Saturday closest to January 31.Fiscal years 2011, 2010 and 2009 ended on January 28, 2012, January 29, 2011 and January 30, 2010, respectively. Fiscal 2009 is chosen as the base year for computing the percentage change in each account in 2010, and fiscal 2010 is the base year for computing the change in 2011. From table 1, two accounts stand out: 2010 cash and cash equivalent decreased by 13% over 2009, while in 2011 it increased by 93% over 2010. Short/Current Long Term Debt increased by 87. 6% in 2010, and kept on increased by 143% in 2011. This huge increased short term debt mainly came from 616 million 5. 35% S enior notes due 2012, 298 million 5. 75% Senior notes due 2013, and 173 million 8. 0% Senior debentures due 2012. The huge increase in short term debt in FY 2011 maybe part of the reason of the big increase in the cash and cash equivalent account. 2. 1. 2 Horizontal analysis of Income Statement From table 2, we can see that net sales for 2011 totaled $26,405 million, compared to net sales of $25,003 million for 2010, an increase of $1,402 million or 5. 6%. Part of this increase is due to an increase on the comparable store basis, and part of it is due to the 39. 6% increases from the company's Internet businesses in 2011.The successive increase in the net sales in the three year trends shows that Macy’s continues to benefit from the successful execution of the My Macy's localization strategy. In 2011, the Gain on sale of properties, impairments, store closing costs and division consolidation costs account increased 200% over 2010. This is because Macy’s had a $54 milli on gain from the sale of store leases related to the 2006 divestiture of Lord ; Taylor in 2011; while the company only announced 25 million Impairments and store closing costs for 2010. In 2011, Macy’s had the 5. 6% increase in sales.Because the management was able to control its cost of goods sold (6. 17% increase) and SG;A expenses (0. 25% increase), plus the big gain from sales of property, the company resulted a 27. 3% increase in operating income. In 2010, Macy’s net sales increased 6. 45% over 2009, part of it is due to the huge decrease in the impairments, store closing costs and division consolidation costs account. The interest expense increased in 2010 over 2009, while the same account decreased 22. 8% in 2011 over 2010. This decreases benefited from lower levels of borrowings during fiscal 2010 and the repayment of debt at maturity. . 2 Vertical analysis 2. 2. 1 Vertical analysis of Balance Sheet From table 3, we can see that accounts receivables, inventory and other current assets accounts, their percentage of total assets didn’t have big difference over the three years trend. The increase of cash and cash equivalent from 7. 1% of total assets in 2010 to 13% in 2011 is the main reason that total current asset in terms of the percentage of total assets had significant increase (from 33% to 40%). Macy’s total current liabilities represent a slightly higher percentage of total liabilities and stockholders’ equity at FY 2011 than FY 2010 and 2009.This increase is balanced by a slight decrease in the relative percentages of long-term debt. 2. 2. 2 Vertical analysis of Income Statement In table 4, the base on which all other items in the income statement are compared is net sales. Macy’s gross profit ratio was very stable and consistent over the three year trends, less than 0. 5% difference among three years. Macy’s profit margin ratio kept growing over three years: from 1. 4% in 2009 to 3. 4% in 2010, and this ratio increased to 4. 8% in 2011. The increasing profit margin indicated that Macy’s management has strong ability to control its expenses. 2. 3 Cash flow analysisTable 5 is the most recent cash flow statement for Macy’s. Net cash provided by operating activities in 2011 was $2,093 million, compared to $1,506 million provided in 2010, reflecting higher net income and a lower pension contribution in 2011. In 2011, Macy’s pension funding contributions was $375 million, which was much lower than $825 million in 2010. The capital expenditure for property and equipment and capitalized software during 2011 was $764 million, the dividends paid was $148 million. Macy’s generated sufficient amounts of cash from operations in 2011 to cover its capital expenditures and dividends.Net cash used by investing activities and financing activities was $617 and $113million respectively for 2011. Investing activities for 2011 include purchases of property and equipment totaling $555 million and capitalized software of $209 million. Cash flows from investing activities included $114 million from the disposition of property and equipment for 2011. For financing activities, Macy’s issued $800 million of debt in 2011, but it is partially offset by the acquisition of company’s common stock at cost of $500 million and the repayment of $454 million debt, and the payment of $148 million of cash dividends.With the excess amounts of cash from operations Macy’s generated in 2011, management budgeted $850 million capital expenditures for 2012, primarily related to new stores, store remodels, maintenance, the renovation of Macy's Herald Square, technology and omnichannel investments, and distribution network improvements, including construction of a new fulfillment center. 2. 4 Ratio analysis 2. 4. 1 Liquidity Analysis Table 6 is the liquidity ratios for both Macy’s and Nordstrom over a three year period. At the beginning of 2012, Macy’s had $1. 4 of current assets for every $1 current liabilities.Compared to Nordstrom, both companies have more than enough assets to cover short-term debts, but Nordstrom is more liquid than Macy’s. Macy’s cash flow from operations to current liabilities ratio has increased from 2010 to 2011, from 31. 90% to 37. 20%. It is mainly because cash generated from operations during 2011 was 40% more than it was during 2010. Both companies’ cash flow from operations to current liabilities ratio is less than one, it means that both companies have generated less cash over the year than it needs to pay off short term liabilities as at the year end. This may signal a need to raise money to meet liabilities.But Nordstrom still has higher ratio than Macy’s, which suggests that it is more liquid than Macy’s in the short term. In 2011, Macy’s only needs 4. 8 days for an account to be outstanding. And the number of days’ sale in receivable for the past three years were all less than a week. Macy’s accounts receivable turnover ratio in the three year period is much higher than Nordstrom, which implies  Macy’s extension of credit and collection of accounts receivable is more efficient. From 2009 to 2011, Macy’s kept on decreasing the days took to sell inventory, from 133 days in 2009 to 124 and 120 days in 2010 and 2011, respectively.Macy’s efficiency in managing inventory improved over years. But Nordstrom was much more efficient in selling its inventory than Macy’s. In the past three years, each year Nordstrom used half of the days that took Macy’s to sell its inventory. 2. 4. 2 Solvency Analysis The solvency of a company is the ability to repay long term debts when due. The more solvent a company is the more protected the owners and partners are from bankruptcy. Table 7 is the debt to equity ratios; debt service coverage ratios and cash flow from operations to capital expe nditure ratios for both Macy’s and Nordstrom from 2009 to 2011.Macy’s debt to equity ratio was under 1 for FY 2009 and 2010, which suggested for these two years Macy’s assets are primarily financed through equity. This ratio was 1. 06 in 2011. When the debt to equity ratio was over 1, implied the majority of assets are financed through debt, which was a red flag for Macy’s. Compared to Macy’s, Nordstrom had a much higher debt to equity ratio which was above 2 for all three years. A high ratio of 2 or more exposes a company to risk such as interest rate increases and causing creditors' uneasiness.Macy’s management is more effective custodians of their shareholder's investments than Nordstrom. A company's debt service coverage ratio refers to its ability to meet periodic obligations on outstanding liabilities with respect to its net operating revenue. Higher this figure better is the debt serving capacity. Macy’s DSCR increased from 1. 42 times in 2010 to 3. 91 times in 2011, which showed the improvement of its debt serving capacity. Nordstrom’s DSCR was higher than Macy’s in the three year period, suggested stronger debt serving capacity than Macy’s.Although the cash flow from operations to capital expenditures ratios for two companies decreased over time in three years, both companies generated enough cash from operations to finance their capital expenditures and covered dividend payments. Nordstrom’s capital expenditure was very close to Macy’s, although it generated less cash from operations than Macy’s, it paid more dividends than Macy’s every year. This is the reason that Nordstrom’s ratio was lower than Macy’s. 2. 4. 3 Profitability Analysis Profitability ratios are used to determine the company's bottom line and its return to its investors.Table 8 is the profit margin ratio, rate of return on assets and return on sales ratio for both Macyâ€⠄¢s and Nordstrom from 2009 to 2011. The profit margin is an overall indicator of management’s ability to control expenses, reflects the amount of income for each dollar of sales. Note the increase in Macy’s profit margin: from 1. 40% in 2009 to 3. 39% in 2010 and 4. 76% in 2011. Nordstrom has higher profit margin ratio than Macy’s in the three years. A higher profit margin indicates a more profitable company that  has better control over  its costs compared to  its competitors.Macy’s effective tax rate from 2009 to 2011 was 30. 9%, 35. 8% and 36. 2%. Its return on assets rations increased from 2. 31% in 2009 to 4. 82% in 2010, and 6. 64% in 2011. It suggests Macy’s generated more profits for each $1 asset. The lower the profit per dollar of assets, the more asset-intensive a business is. Macy’s ROA suggested it is very asset-heavy. Nordstrom used a statutory Federal income tax rate 35%, and its ROA was 8. 01%, 9. 37% and 9. 14% for 20 09, 1010 and 2011 respectively, which were all higher than Macy’s. The higher the return, the more efficient management is in utilizing its asset base.Nordstrom’s management does a better job than Macy’s in this case. Macy’s return on sales ratio also kept on growing over three years, from 2. 16% in 2009 to 4. 12% and 5. 35% in 2010 and 2011 respectively. It implies the company makes more profit for every $1 sales over time. But this ratio for Macy’s still lower than Nordstrom over three years period, suggested Nordstrom’s business operations are more satisfactory than Macy’s. From the profitability analysis, we can see that Macy’s kept on having a healthy development over time, its profitability ability kept on improving.Compared to Nordstrom, the ratios suggest that Macy’s still a less profitable company than Nordstrom. 2. 4. 4 DuPont Analysis DuPont equation provides a broader picture of the return the company is earn ing on its equity. It tells where a company's strength lies and where there is a room for improvement. DuPont analysis  tells us that ROE is affected by  three things: Operating efficiency, which is  measured by profit margin; Asset use efficiency, which is measured by total asset turnover; and Financial leverage, which is  measured by the equity multiplier.So the formula will be: ROE = (Net Income/Revenue)*(Revenue/Assets)*(Assets/Equity) Table 9 is the DuPont analysis for both Macy’s and Nordstrom from 2009 to 2011. Looking at the components of ROE for both companies helps explain the changes in ROE over time. Since Nordstrom had higher profit margin ratio, asset turnover rate and leverage factors, its overall ROE was much higher than Macy’s in the three year trend. It shows Nordstrom is more effective at generating profits, managing assets and finding an optimal amount of leverage, this is why it can boost its ROE.Although Macy’s ROE were lower than N ordstrom’s, its own ROE still kept on growing over years, from 7. 05% in 2009 to 15. 05% and 21. 25% in 2010 and 2011 respectively. It is result of improving its operating efficiency and asset use efficiency, which suggests Macy’s management kept on improving its performance and the company developed in a healthy and growing direction. 3. Conclusions From above analysis, Macy's, Inc. may have more financial risk than other companies in the Multiline Retail industry.It has smaller current ratio and cash from operations to current liabilities ratio than its competitors, implies less liquid in the industry. However, an examination of near-term assets and liabilities shows that, even though there are not enough liquid assets to satisfy current obligations, operating profits are more than adequate to service the debt. Accounts Receivable is typical for the industry, with 4. 8 days worth of sales outstanding. Also, Macy's, Inc. is among the most efficient companies in its in dustry at managing inventories, and it is getting better.The company only has 120 days of its Cost of Goods Sold tied up in inventory. Year over year, Macy's, Inc. has been able to grow revenues. Most impressively, the company has been able to reduce the percentage of sales devoted to selling, general and administrative costs. This was a driver that led to a net income growth from $847. 0M in 2010 to $1. 3B in 2011. Compared to its main competitor, Nordstrom, Macy’s is in a weaker financial position. In short run, as mentioned earlier, the liquidity ratios suggest that Macy’s is less liquid in the short term.In the long run, although Macy’s management is more effective custodians of their shareholder's investments than Nordstrom, Nordstrom still has stronger debt serving capacity than Macy’s and affording to pay more dividends to its shareholders. From the profitability analysis, Macy’s has smaller profit margin ratio, rate of return on assets and rate of return on sales ratio than Nordstrom, indicates that Nordstrom’s management is better at generating more profit and operating assets efficiency than Macy’s. And this result is consistent with the DuPont analysis.Appendix Table 1 Horizontal Analysis of Balance Sheet Macy's Inc. Comparative Balance SheetsPeroid Ending: End of Jan 2010-2012(all amount in thousands of dollars)| | 2012| 2011| 2010| Cash And Cash Equivalents| 2827000| 93%| 1464000| -13. 17%| 1686000| —| Accounts Receivables| 368000| 9%| 338000| -5. 59%| 358000| —| Inventory| 5117000| 8%| 4758000| 3. 10%| 4615000| —| Other Current Assets| 465000| 37%| 339000| 52. 02%| 223000| —| TOTAL CURRENT ASSETS| 8777000| 27%| 6899000| 0. 25%| 6882000| —| Property Plant and Equipment| 8420000| -4%| 8813000| -7. 0%| 9507000| —| Goodwill| 3743000| 0%| 3743000| 0. 00%| 3743000| —| Intangible Assets| 598000| -6%| 637000| -6. 05%| 678000| —| Other Assets| 557000| 3%| 539000| 10. 00%| 490000| —| TOTAL ASSETS| 22095000| 7%| 20631000| -3. 14%| 21300000| —| Accounts Payable| 5160000| 14%| 4537000| 7. 51%| 4220000| —| Short/Current Long Term Debt| 1103000| 143%| 454000| 87. 60%| 242000| —| TOTAL CURRENT LIABILITIES| 6263000| 25%| 4991000| 11. 86%| 4462000| —| Long Term Debt| 6655000| -5%| 6971000| -17. 56%| 8456000| —| Other Liabilities| 2103000| 8%| 1939000| -25. 4%| 2597000| —| Deferred Long Term Liability Charges| 1141000| -5%| 1200000| 6. 01%| 1132000| —| TOTAL LIABILITIES| 16162000| 7%| 15101000| -9. 29%| 16647000| —| Common Stock| 5000| 0%| 5000| 0. 00%| 5000| —| Retained Earnings| 4015000| 34%| 2990000| 34. 26%| 2227000| —| Treasury Stock| -2434000| 0%| -2431000| -3. 34%| -2515000| —| Capital Surplus| 5408000| -5%| 5696000| 0. 12%| 5689000| —| Other Stockholder Equity| -1061000| 45%| -730000| -3. 05%| -753000| —| TOTAL STOCKHOLDER EQUITY | 593 3000| 7%| 5530000| 18. 85%| 4653000| —| Table 2 Horizontal analysis of Income StatementMacy's Inc. Comparative Income StatementPeroid Ending: End of Jan 2010-2012(millions, except per share data)| | 2012| 2011| 2010| Net Sales| 26405| 5. 61%| 25003| 6. 45%| 23489| —| Cost of sales| 15738| 6. 17%| 14824| 6. 09%| 13973| —| Gross margin| 10667| 4. 79%| 10179| 6. 97%| 9516| —| Selling, general and administrative expenses| 8281| 0. 25%| 8260| 2. 46%| 8062| —| Gain on sale of properties, impairments, store closing costs and division consolidation costs| 25| -200. 00%| -25| -93. 61%| -391| —| Operating income| 2411| 27. 30%| 1894| 78. 17%| 1063| —| Interest expense| 447| -22. 0%| 579| 3. 02%| 562| —| Interest income| 4| -20. 00%| 5| -16. 67%| 6| —| Income before tax| 1968| 49. 09%| 1320| 160. 36%| 507| —| Federal, state and local income tax benefit (expense)| 712| 50. 53%| 473| 165. 73%| 178| —| Net income| 1256| 48. 29%| 847| 157. 45%| 329| —| Table 3 Vertical analysis of Balance Sheet Macy's Inc. Common-Size Comparative Balance SheetsPeroid Ending: End of Jan 2010-2012(all amount in thousands of dollars)| | 2012| 2011| 2010| | Dollars| Percent| Dollars| Percent| Dollars| Percent| Cash And Cash Equivalents| 2827000| 13%| 1464000| 7. 0%| 1686000| 7. 92%| Accounts Receivables| 368000| 2%| 338000| 1. 64%| 358000| 1. 68%| Inventory| 5117000| 23%| 4758000| 23. 06%| 4615000| 21. 67%| Other Current Assets| 465000| 2%| 339000| 1. 64%| 223000| 1. 05%| TOTAL CURRENT ASSETS| 8777000| 40%| 6899000| 33. 44%| 6882000| 32. 31%| Property Plant and Equipment| 8420000| 38%| 8813000| 42. 72%| 9507000| 44. 63%| Goodwill| 3743000| 17%| 3743000| 18. 14%| 3743000| 17. 57%| Intangible Assets| 598000| 3%| 637000| 3%| 678000| 3. 18%| Other Assets| 557000| 3%| 539000| 2. 61%| 490000| 2. 0%| TOTAL ASSETS| 22095000| 100%| 20631000| 100. 00%| 21300000| 100. 00%| Accounts Payable| 5160000| 23%| 4537000| 22%| 42200 00| 20%| Short/Current Long Term Debt| 1103000| 5%| 454000| 2%| 242000| 1%| TOTAL CURRENT LIABILITIES| 6263000| 28%| 4991000| 24%| 4462000| 21%| Long Term Debt| 6655000| 30%| 6971000| 34%| 8456000| 40%| Other Liabilities| 2103000| 10%| 1939000| 9%| 2597000| 12%| Deferred Long Term Liability Charges| 1141000| 5%| 1200000| 6%| 1132000| 5%| TOTAL LIABILITIES| 16162000| 73%| 15101000| 73%| 16647000| 78%| Common Stock| 5000| 0%| 5000| 0%| 5000| 0%|Retained Earnings| 4015000| 18%| 2990000| 14%| 2227000| 10%| Treasury Stock| -2434000| -11%| -2431000| -12%| -2515000| -12%| Capital Surplus| 5408000| 24%| 5696000| 28%| 5689000| 27%| Other Stockholder Equity| -1061000| -5%| -730000| -4%| -753000| -4%| TOTAL STOCKHOLDER EQUITY | 5933000| 27%| 5530000| 27%| 4653000| 22%| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 22095000| 100%| 20631000| 100%| 21300000| 100%| Table 4 Vertical analysis of Income Statement Macy's Inc. Common-Size Comparative Income StatementPeroid Ending: End of Jan 2010-2012(m illions, except per share data)| | 2012| 2011| 2010| dollars| percent| dollars| percent| Dollars| Percent| Net Sales| 26405| 100. 00%| 25003| 100. 00%| 23489| 100. 00%| Cost of sales| 15738| 59. 60%| 14824| 59. 29%| 13973| 59. 49%| Gross margin| 10667| 40. 40%| 10179| 40. 71%| 9516| 40. 51%| Selling, general and administrative expenses| 8281| 31. 36%| 8260| 33. 04%| 8062| 34. 32%| Gain on sale of properties, impairments, store closing costs and division consolidation costs| 25| 0. 09%| -25| -0. 10%| -391| -1. 66%| Operating income| 2411| 9. 13%| 1894| 7. 58%| 1063| 4. 53%| Interest expense| 447| 1. 9%| 579| 2. 32%| 562| 2. 39%| Interest income| 4| 0. 02%| 5| 0. 02%| 6| 0. 03%| Income before tax| 1968| 7. 45%| 1320| 5. 28%| 507| 2. 16%| Federal, state and local income tax benefit (expense)| 712| 2. 70%| 473| 1. 89%| 178| 0. 76%| Net income| 1256| 4. 76%| 847| 3. 39%| 329| 1. 40%| Table 5 Consolidated Statements of Cash Flows (Dollars in millions)| 2011| 2010| Cash flows from operatin g activities:| Net income| 1256. 00 | 847. 00 | Depreciation and amortization| 1085. 00 | 1150. 00 | Gain on sale of properties, impairments and store closing costs| (25. 0)| 25. 00 | Decrease in working capital and other, net| (223. 00)| (516. 00)| Net cash provided by operating activities| 2093. 00 | 1506. 00 | Cash flows from investing activities:| Capital expenditures for property and equipment and capitalized software| (764. 00)| (505. 00)| Disposition of property and equipment| 114. 00 | 74. 00 | Other, net| 33. 00 | (34. 00)| Net cash used by investing activities| (617. 00)| (465. 00)| Cash flows from financing activities:| Debt issued| 800. 00 | -| Debt repaid| (454. 00)| (1245. 00)| Dividends paid| (148. 0)| (84. 00)| Acquisition of treasury stock| (502. 00)| (1. 00)| Issuance of common stock| 162. 00 | 43. 00 | Other, net| 29. 00 | 24. 00 | Net cash used by financing activities| (113. 00)| (1263. 00)| Net increase (decrease) in cash and cash equivalents| 1363. 00 | (222. 0 0)| Cash and cash equivalents at beginning of period| 1464. 00 | 1686. 00 | Cash and cash equivalents at end of period| 2827. 00 | 1464. 00 | Table6 Liquidity Ratios | Macy's| Nordstrom| | 2011| 2010| 2009| 2011| 2010| 2009| current ratio| 1. 4| 1. 38| 1. 54| 2. 2| 2. 6| 2| ash flow from operations to current 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 | Macy's| 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 Profitability Ratios | Macy's| Nordstrom| 2011| 2010| 2009| 2011| 2010| 2009| profit margin ratio| 4. 76%| 3. 39%| 1. 40%| 6. 28%| 6. 32%| 5. 11%| return 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 Analysis | Macy's| Nordstrom| DuPont analysis factors| 2011| 2010| 2009| 2011| 2010| 2009| profit margin| 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%|