Based on the ongoing momentum in our business, as well as confidence in our future performance, the company also announced a 25 percent increase in its dividend on common stock and a $1.5 billion increase in its share repurchase authorization.
Earnings for the quarter were 55 cents per diluted share, an increase of 28 percent compared with 43 cents per diluted share in the same period last year. Comparable sales grew by 3.8 percent from the first quarter last year.
“The first quarter demonstrated our ability to continue to build on our success over the past few years in growing sales and earnings. Based on the effectiveness of strategies we have in place, we are confident that momentum will continue going forward, which is reflected in the actions we are announcing to increase returns to our shareholders through an increased dividend and share repurchases,” said Terry J. Lundgren, Macy’s, Inc. chairman, president and chief executive officer.
“We are especially pleased with our first quarter sales and earnings performance given the challenges we overcame in this period. These included sustained, unseasonably cool spring weather in our northern climate zones. In addition, we saw weakness among some of the most budget-conscious consumers, as well as among our higher household income Bloomingdale’s customers.
"We are continuing to pursue myriad new growth opportunities within our time-tested M.O.M. strategies (My Macy’s, Omnichannel and Magic Selling). These strategies continue to work individually – and in unison – at Macy’s to meet the needs of customers seeking fashion, quality, value and convenience,” Lundgren said.
Sales in the first quarter of 2013 totaled $6.387 billion, an increase of 4.0 percent, compared with sales of $6.143 billion in the same period last year. On a comparable sales basis, Macy’s, Inc.’s first quarter sales were up 3.8 percent in 2013 over 2012.
Comparable sales include net sales from stores open at least one full fiscal year, as well as online sales at macys.com and bloomingdales.com.
In the first quarter of 2013, Macy’s opened a new store in Victorville, CA.
Textiles | On 21st Feb 2017
Net profit at Thailand headquartered and Aloke Lohia led Indorama...
Information Technology | On 21st Feb 2017
ThreadSol, the pioneer of enterprise material management for sewn...
Textiles | On 21st Feb 2017
The Goods and Services Tax (GST) is likely to result in a reduction...
Bolger & O'Hearn
‘The Indian market is interesting and rather persistent in seeking new...
ITME is an occasion not only to receive new leads but also to work on...
Every market region has its own culture and trends
Steve Cole of Xerium Technologies discusses the industry. Xerium is the...
Suominen Corporation is a manufacturer of nonwovens as roll goods for...
Biovation II LLC
Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...
Apparel/Garments | On 20th Feb 2017