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Macy's third quarter sales up 3.9%

11 Nov '10
5 min read

For the year to date, Macy's, Inc. sales totaled $16.734 billion, up 7.0 percent from total sales of $15.640 billion in the first 39 weeks of 2009. On a same-store basis, Macy's, Inc.'s year-to-date sales were up 4.7 percent.

Online sales (macys.com and bloomingdales.com combined) were up 24.0 percent in the third quarter and 28.5 percent year to date, compared with the same periods in 2009. Online sales positively affected the company's same-store sales by 0.8 percentage points in the third quarter and 0.7 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 two new Macy's stores in Palmdale and Tracy, CA; a new Bloomingdale's store in Santa Monica, CA; and three new Bloomingdale's Outlet stores, as previously announced.

Operating Income
Macy's, Inc.'s operating income totaled $177 million or 3.1 percent of sales for the quarter ended Oct. 30, 2010, compared with operating income of $55 million or 1.0 percent of sales for the same period last year. Third quarter 2009 operating income included $33 million in restructuring-related costs. Excluding these costs, operating income for the third quarter of 2009 was $88 million or 1.7 percent of sales.

For the first three quarters of 2010, Macy's, Inc.'s operating income totaled $750 million or 4.5 percent of sales, compared with operating income of $189 million or 1.2 percent of sales for the same period last year. Macy's, Inc.'s operating income for the first three quarters of 2009 included $205 million in restructuring-related costs. Excluding these costs, operating income in the first three quarters of 2009 was $394 million or 2.5 percent of sales.

Cash Flow
Net cash provided by operating activities was $346 million in the first three quarters of 2010, compared with $406 million in the first three quarters last year. This includes a funding contribution to the company's pension plan of $325 million in 2010 year to date, compared with approximately $146 million in the first three quarters of 2009.

Net cash used by investing activities in the first three quarters of 2010 was $285 million, compared with $284 million a year ago. Net cash used by financing activities in the first three quarters of 2010 was $1.032 billion, including $1.090 billion used to repay debt. This compares with net cash used by financing activities in the first three quarters of 2009 of $926 million, including $964 million used to repay debt.

Macy's Inc

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