Macy's same-store sales up in Q4

06 Feb '12

3 min read

Macy's Inc reported total sales of $1.336 billion for the four weeks ended Jan. 28, 2012, an increase of 2.0 percent compared with total sales of $1.310 billion in the four weeks ended Jan. 29, 2011. On a same-store basis, Macy's, Inc. sales were up 2.4 percent in January.

For the 13-week fourth quarter of fiscal 2011, Macy's, Inc.'s sales totaled $8.723 billion, up 5.5 percent from total sales of $8.269 billion for the final 13 weeks of 2010. On a same-store basis, the company's fourth quarter sales were up 5.2 percent.

For fiscal 2011 as a whole, Macy's, Inc. sales totaled $26.404 billion, up 5.6 percent from total sales of $25.003 billion in fiscal 2010. On a same-store basis, Macy's, Inc.'s fiscal 2011 sales were up 5.3 percent.

"The fourth quarter was our strongest in many years, and demonstrated the continued progress in improving the fundamentals in our business at Macy's and Bloomingdale's. Sales in January - the smallest-volume month of the year - were weaker than anticipated. Nonetheless, January was the 26th consecutive month of year-over-year same-store sales growth for our company," said Terry J. Lundgren, chairman, president and chief executive officer of Macy's, Inc.

"We are proud at having grown same-store sales by 5.3 percent in 2011 on top of same-store sales growth of 4.6 percent in 2010, and we believe that 2012 represents an outstanding opportunity to continue to capture additional market share from our competitors, as we have done in previous years."

Online sales (macys.com and bloomingdales.com combined) were up 38.7 percent in January, 40.0 percent in the fourth quarter and 39.6 percent for fiscal 2011. Online sales positively affected the company's same-store sales by 1.7 percentage points in the fourth quarter and 1.5 percentage points in fiscal 2011 as a whole. Online sales are included in the same-store sales calculation for Macy's, Inc.

Based on strong sales performance, the company is raising its earnings guidance for the fourth quarter and full year. Earnings per diluted share for the full year now are expected to be $2.81 to $2.83, including $1.63 to $1.65 in the fourth quarter. This compares to previous guidance for earnings per diluted share of $2.73 to $2.78 for the full year, including $1.55 to $1.60 in the fourth quarter.

Fourth quarter earnings guidance excludes approximately $29 million in pre-tax expenses ($18 million after tax or 4 cents per share) primarily related to store closings announced on Jan. 4, 2012, and a pre-tax gain of approximately $54 million ($34 million after tax or 8 cents per share) from the sale of store leases related to the 2006 divestiture of Lord & Taylor.

Macy's Inc

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