Macy's, Inc. Same-Store Sales Rise 4.6% in February
CINCINNATI, Mar 01, 2012 (BUSINESS WIRE) --Macy's, Inc. (NYSE:M) today reported total sales of $1.860 billion for the four weeks ended Feb. 25, 2012, an increase of 5.5 percent compared with total sales of $1.763 billion in the four weeks ended Feb. 26, 2011. On a same-store basis, Macy's, Inc. sales were up 4.6 percent in February 2012 as compared to February 2011.
Online sales (macys.com and bloomingdales.com combined) were up 31.3 percent in February 2012 as compared with February 2011. Online sales are included in the same-store sales calculation for Macy's, Inc.
"Our fiscal 2012 is off to a good start with February sales that exceeded our expectations," said Terry J. Lundgren, chairman, president and chief executive officer of Macy's, Inc. "We saw good consumer response to our early spring deliveries in women's apparel, and continued strong trends in accessories, shoes, cosmetics, men's and home, which bodes well for the months ahead. Our assortments will be fresh and distinctive as we prepare for our spring initiatives, including the major promotion related to the fashions and cultures of Brazil, which launches in May."
The company said same-store sales in its combined March-April period are expected to be up by approximately 3 percent to 3.5 percent. March same-store sales are planned to be stronger than April, given a calendar shift in which the pre-Easter period falls into March this year versus April last year.
On Feb. 27, 2012, Macy's, Inc. notified holders of its 8.0% Debentures due July 15, 2012 of the company's intent to redeem the debentures on March 29, 2012, three and one-half months ahead of schedule, as allowed under the terms of the Indenture. The price for the redemption will be based on the Treasury Rate plus 25 basis points as calculated pursuant to the Indenture on March 26, 2012. Proceeds from the company's January 2012 debt issuance will be used to pay for this redemption as well as to pay-off the 5.35% Senior Notes due March 15, 2012.
Macy's, Inc. will present at the Bank of America Merrill Lynch 2012 Consumer Conference, scheduled for 9 a.m. ET on Wednesday, March 7, 2012, in New York City. Media and investors may access the live audio webcast of the presentation at www.macysinc.com/ir, beginning at approximately 9 a.m. ET on March 7. 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 2011 sales of $26.4 billion. The company operates about 840 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 seven 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.
Jim Sluzewski, 513-579-7764
Matt Stautberg, 513-579-7780
Released March 1, 2012