Macy's Net Jumps 19.9 Percent in Q1
May 15, 2013,
CINCINNATI-Increased sales and a close watch on costs helped fuel Macy's bottom line to a 19.9 percent gain, to $217 million, in its first quarter ending on May 4.
Net sales tallied $6.4 billion, up 4 percent, including a pickup of 3.8 percent in same-store sales across both Macy's and Bloomingdale's stores, which also takes in sales at the two stores' websites, macys.com and bloomingdales.com. Terry Lundgren, Macy's chairman, president and CEO, said the company managed to grow its sales in spite of unseasonably cool spring weather in its northern regions. Lundgren also observed that shoppers at both stores were highly conscious of their budgets in the quarter, including the higher-income Bloomingdale's customers.
Going forward, Macy's is projecting an approximate 3.5 percent increase in same-store sales for the remainder of the year. "We are continuing to pursue myriad new growth opportunities within our time-tested M.O.M. strategies (My Macy's, Omnichannel and Magic Selling)," Lundgren said. "These strategies continue to work individually--and in unison--at Macy's to meet the needs of customers seeking fashion, quality, value and convenience."
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money