Macy's, Inc. Same-Store Sales Up 0.9% in March
Company raises guidance for combined March-April sales
CINCINNATI--(BUSINESS WIRE)-- Macy's, Inc. (NYSE: M) today reported total sales of $2.207 billion for the five weeks ended April 2, 2011, an increase of 1.6 percent compared with total sales of $2.172 billion in the five weeks ended April 3, 2010. On a same-store basis, Macy's, Inc. sales were up 0.9 percent in March.
For the year to date, Macy's, Inc.'s sales totaled $3.969 billion, up 3.4 percent from total sales of $3.839 billion in the first nine weeks of 2010. On a same-store basis, Macy's, Inc.'s year-to-date sales were up 3.0 percent.
Online sales (macys.com and bloomingdales.com combined) were up 34.8 percent in March and 33.0 percent year-to-date. Online sales are included in the same-store sales calculation for Macy's, Inc.
"March sales exceeded our expectations and demonstrated that our spring fashion assortments are hitting the mark with customers. We generated same-store sales increases at both Macy's and Bloomingdale's, despite a calendar shift in which the pre-Easter period and a planned cosmetics promotion at Macy's fall into April this year versus March last year," said Terry J. Lundgren, chairman, president and chief executive officer of Macy's, Inc.
The company continues to be optimistic about sales in April, which should benefit from the Easter shift and the cosmetics promotion. Same-store sales in April are expected to be up by 8 percent to 9 percent, which would translate to an increase of 4 percent to 4.5 percent for the combined March-April period. Previously, the company said it expected combined March-April sales to be up by approximately 3 percent.
Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2010 sales of $25 billion. The company operates about 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's, as well as the macys.com and bloomingdales.com websites. The company also operates four Bloomingdale's outlet stores.
All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy's management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, prevailing interest rates, changes in expected synergies, cost savings and non-recurring charges, competitive pressures from specialty stores, general merchandise stores, manufacturers' outlets, off-price and discount stores, new and established forms of home shopping (including the Internet, mail-order catalogs and television) and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission.
(NOTE: Additional information on Macy's, Inc., including past news releases, is available at www.macysinc.com/pressroom).
Source: Macy's, Inc.
Released April 7, 2011