Macy's, Inc. Same-Store Sales up 7.4% in May
CINCINNATI--(BUSINESS WIRE)-- Macy's, Inc. (NYSE:M) today reported total sales of $1.937 billion for the four weeks ended May 28, 2011, an increase of 8.5 percent compared with total sales of $1.786 billion in the four weeks ended May 29, 2010. On a same-store basis, Macy's, Inc. sales were up 7.4 percent in May.
"We continued to see very strong sales results in May as every Macy's stores region, Bloomingdale's stores, macys.com and bloomingdales.com all met or exceeded our aggressive expectations. We can attribute this success to the continued crisp execution of our major strategies," said Terry J. Lundgren, chairman, president and chief executive officer of Macy's, Inc.
For the year to date, Macy's, Inc.'s sales totaled $7.826 billion, up 6.3 percent from total sales of $7.360 billion in the first 17 weeks of 2010. On a same-store basis, Macy's, Inc.'s year-to-date sales were up 5.9 percent.
Online sales (macys.com and bloomingdales.com combined) were up 37.7 percent in May and 38.2 percent in the year to date. Online sales are included in the same-store sales calculation for Macy's, Inc.
The company now expects same-store sales to rise by approximately 5 percent in the second quarter, which would calculate to same-store sales growth of approximately 4.5 percent for the full year of fiscal 2011. Previous guidance was for same-store sales to increase by approximately 4 percent in the second quarter and by approximately 4.3 percent for the full year. As previously noted, year-over-year same-store sales increases in June and July will be lower than in May because of stronger year-ago sales in the final two months of the quarter.
Macy's management is scheduled to present at the Goldman Sachs Second Annual dotCommerce Day at 3:35 p.m. on Tuesday, June 21 in New York City. Media and investors may access a live audio webcast of the presentation at www.macysinc.com/ir beginning at 3:35 p.m. 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 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 June 1, 2011