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Online sales zoom 40.4% at Macy's in Q3 FY'12
08
Nov '12
Macy’s Inc. reported strong third quarter earnings that underscore the company’s continued progress in implementing key business strategies to drive growth. Earnings were 36 cents per diluted share for the third quarter of 2012, ended Oct. 27, 2012. This compares with earnings of 32 cents per diluted share in last year’s third quarter.

“We were pleased to deliver sales and earnings growth for the 11th consecutive quarter,” said Terry J. Lundgren, chairman, president and chief executive officer of Macy’s, Inc. “Our success in the third quarter reflected a combination of factors, as has been the case over the past several years. We continue to implement our My Macy’s localization, omnichannel integration and enhanced customer engagement strategies with increasing precision, passion and success. This has helped us to deepen our relationship with customers and capture market share.

“We have confidence in our ability to continue to grow sales and earnings in the fourth quarter, even taking into account a recovery from Hurricane Sandy that will cause stress to consumers and our employees in the Northeast and Mid-Atlantic regions.

“Throughout the holiday season, we will be offering our customers new and fresh merchandise assortments, great value and an engaging shopping environment at both Macy’s and Bloomingdale’s – in store, online and via mobile devices. We are providing more reasons than ever for customers to shop us first and buy from Macy’s and Bloomingdale’s, especially for memorable gifts for family and friends,” Lundgren said.

For the first three quarters of 2012, Macy’s, Inc.’s diluted earnings per share were $1.45, compared with earnings of $1.18 per diluted share in the first three quarters of 2011.

Sales

Sales in the third quarter totaled $6.075 billion, up 3.8 percent from total sales of $5.853 billion in the third quarter of 2011. On a same-store basis, Macy’s, Inc.’s third quarter sales were up 3.7 percent.

For the year to date, Macy’s, Inc. sales totaled $18.336 billion, up 3.7 percent from total sales of $17.681 billion in the first 39 weeks of 2011. On a same-store basis, Macy’s, Inc.’s year-to-date sales were up 3.7 percent.

Online sales were up 40.4 percent in the third quarter and 36.8 percent year to date, compared with the same periods in 2011. Online sales positively affected the company’s same-store sales by 2.2 percentage points in the third quarter and 1.8 percentage points in the year to date. Online sales are included in the same-store sales calculation for Macy's, Inc.

In the third quarter, the company opened new Bloomingdale’s Outlet stores, as previously announced, in Westbury, NY, and Grand Prairie, TX. A third new Bloomingdale’s Outlet store in Livermore, CA, is opening in the second week of the fourth quarter. A Macy’s men’s and furniture store in Santa Ana, CA, was closed in the third quarter, with its business consolidated into a full-line Macy’s store in the same shopping center.

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