Macy's June Sales Below Expectations
July 5, 2012,
CINCINNATI-Macy's sales inched up slightly in June yet fell below the company's expectations, Macy's said this morning.
Total sales were $2.412 billion for the five weeks ended June 30, an increase of 0.8 percent compared with total sales of $2.392 billion in the prior-year period. Same-store sales, which include online sales, were up 1.2 percent in June 2012 as compared to June 2011.
Bright spots in June, according to Lundgren, included strong Father's Day sales, and results from Macy's nationwide promotion of Brazil-inspired fashion.
"We continue to believe firmly in our key strategies for the ongoing growth in our business," Lundgren said. "And given our healthy cash flow, we expect to buy back at least $1 billion in shares this year."
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