Macy's Net Jumps 50 Percent in Fourth Quarter
February 22, 2011,
CINCINNATI-On the back of what the company described as a "successful" holiday shopping season, Macy's firmed its bottom line by 50 percent in its fiscal fourth quarter, to $667 million.
Net sales increased by 5.4 percent to $8.3 billion in the quarter, which ended Jan. 29. This included a comparable-store sales rise of 4.3 percent. While gross margin slimmed by 40 basis points to 41.3 percent, selling, general and administrative expenses were cut by 100 basis points as a percentage of sales to 27.2 percent, and rose by just 1.5 percent.
Lauding the company for its strong performance during the year, Terry Lundgren, chairman, president and chief executive officer, said Macy's "is now on a clear path that will lead to continued growth in sales earnings and cash flow in the years ahead. We remain in the early phases of implementing several key strategies--localizing assortments through My Macy's, embracing customer centricity and driving omnichannel integration."