Macy's Net Jumps in Third Quarter
November 9, 2011,
CINCINNATI-An uptick in sales along with strong expense controls boosted Macy's bottom line by an impressive 1,290 percent in its fiscal third quarter, to $139 million.
The department store retailer's net sales rose 4.1 percent in the quarter, to $5.9 billion, including a 4 percent gain in same-store sales. Terry Lundgren, chairman, president and CEO, cited the My Macy's localization of store assortments; multichannel integration between stores, online and mobile; and its MAGIC selling and associate coaching programs for providing the booster to sales and increases in market share. Macy's online portals, macys.com and bloomingdales.com, provided a combined 39.8 percent sales increase in the quarter, which ended on Oct. 29.
Macy's is expecting a fourth-quarter same-store sales gain of from 4 to 4.5 percent for the fourth quarter. Lundgren said the "momentum and confidence that has been building at Macy's since our organizational changes in 2009" will provide further momentum for market-share increases in the fourth quarter and into 2012.