Macy's, Inc. Same-Store Sales up 3.7% in February
CINCINNATI--(BUSINESS WIRE)-- Macy's, Inc. (NYSE:M) today reported total sales of $1.641 billion for the four weeks ended Feb. 27, 2010, an increase of 4.0 percent compared with total sales of $1.577 billion in the four weeks ended Feb. 28, 2009. On a same-store basis, Macy's, Inc. sales were up 3.7 percent in February.
Online sales (macys.com and bloomingdales.com combined) were up 38.0 percent in February. Online sales are included in the same-store sales calculation for Macy's, Inc.
"Sales performance was strong at both Macy's and Bloomingdale's in February, despite a series of winter storms that affected store operations in some of our largest markets during key selling periods of the month. If not for the storms, we estimate that our February same-store sales would have been up by approximately 5 percent," said Terry J. Lundgren, chairman, president and chief executive officer of Macy's, Inc. "We are encouraged by continuing progress and results from the My Macy's localization initiative and we are well prepared to maintain the momentum with exciting and fresh merchandise for the spring season.
"We also are very pleased at how well our online business continues to perform. Our investments in fulfillment and web navigation infrastructure over the past several years, along with our new in-store point-of-sale systems, are allowing us to fulfill our multichannel strategy for holistically serving customers who shop Macy's and Bloomingdale's stores as well as online," Lundgren said.
Members of Macy's, Inc. senior management will be featured speakers at the Bank of America and Merrill Lynch Consumer Conference in New York City, scheduled for 8 a.m. ET on Thursday, March 11, 2010. Media and investors may access the live audio Webcast at www.macysinc.com/ir, beginning at 8 a.m. ET. The webcast will also be available for replay.
Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2009 sales of $23.5 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. The company also operates macys.com and bloomingdales.com. Prior to June 1, 2007, Macy's, Inc. was known as Federated Department Stores, Inc.
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 March 4, 2010