Macy's Net Income Up 470 Percent in Q1
May 11, 2011,
CINCINNATI-With net sales up and key expense metrics down, Macy's reported a 470 percent gain in first-quarter net income, to $131 million.
Declaring that the department-store retailer is building a "culture of growth," Terry Lundgren, chairman, president and CEO, said the company's results were a combination of "strong top-line sales, disciplined margin and expense management, improved credit performance and lower interest expense." Net sales for the quarter, which ended on April 30, rose 5.7 percent to $5.9 billion. The sales pickup included a 5.4 percent increase in same-store sales and a 38.3 percent gain in sales from both macys.com and bloomingdales.com.
Lundgren added that Macy's is still in the "early innings" of it current strategies--encompassing the My Macy's merchandise-localization initiative, enhanced sales training, exclusive and differentiated merchandise and multichannel integration. "We are also developing and testing a wide range of new ideas and innovations that will allow us to evolve with our customers and continue to improve our performance," he said.
Other Articles By Author
Patti Carpenter Talks Color and its Importance in the Home
HFN's DIGITAL EDITION
COVER STORY: Sharpening the Focus on Millennials
Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.
ALSO IN THIS ISSUE:
- Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
- Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.