Macy's, Inc. Same-Store Sales up 3.9% in December

CINCINNATI--(BUSINESS WIRE)-- Macy's, Inc. (NYSE:M) today reported total sales of $4.619 billion for the five weeks ended Jan. 1, 2011, an increase of 4.5 percent compared with total sales of $4.422 billion in the five weeks ended Jan. 2, 2010. On a same-store basis, Macy's, Inc. sales were up 3.9 percent in December. Same-store sales for the combined November/December holiday selling period were up 4.6 percent.

"Sales in December were strong at both Macy's and Bloomingdale's, consistent with our high expectations, despite snowstorms that disrupted after-Christmas shopping along the East Coast," said Terry J. Lundgren, chairman, president and chief executive officer of Macy's, Inc. "While value remains important to customers in this uncertain economic environment, fashion, newness and unique gift items were drivers of our business throughout this holiday season.

"As we enter our final month of fiscal 2010, we remain encouraged and excited by the customer's continued response to key strategies at Macy's and Bloomingdale's, including My Macy's localization, enhanced training for associates, customer-centric marketing and the omnichannel approach that encourages customers to shop and buy seamlessly in our stores and online sites. All of these strategies remain in the early phases of implementation, and that bodes well for our ability to compete effectively and gain additional market share in 2011 and beyond," Lundgren said.

For the year to date, Macy's, Inc. sales totaled $23.695 billion, up 6.6 percent from total sales of $22.236 billion in the first 48 weeks of fiscal 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 28.4 percent in December, and 28.8 percent in 2010 year-to-date, compared with the same periods in 2009. Online sales are included in the same-store sales calculation for Macy's, Inc.

The company reiterates its guidance for sales and earnings in the fourth quarter of 2010, which was previously increased on Dec. 2. Guidance is for same-store sales in the fourth quarter to be up 3.5 percent to 4.5 percent. Earnings guidance for the fourth quarter is $1.44 to $1.49 per diluted share. This would result in full-year 2010 earnings of $1.96 to $2.01 per diluted share, excluding expenses associated with the early retirement of debt.

In recent weeks, Macy's, Inc. has announced plans to expand the technology, merchandising, marketing and creative functions of its e-commerce organization, as well as to build a major new online fulfillment center. Prior to the end of the fourth quarter, the company will close three Macy's stores as part of its ongoing process to selectively prune underperforming locations while also opening a selected number of new stores to fill gaps in local markets. Macy's stores being closed are at Highland Mall in Austin, TX; Chestnut Hill Shopping Center in Chestnut Hill, MA, and Shannon Mall in Union City, GA.

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, 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.