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.