Company raises same-store sales guidance for second half of 2012
Macy’s, Inc. (NYSE: M) today reported total sales of $1.908 billion for
the four weeks ended Oct. 27, 2012, an increase of 3.6 percent compared
with total sales of $1.842 billion in the four weeks ended Oct. 29,
2011. On a same-store basis, Macy’s, Inc. sales were up 4.1 percent in
October as compared to October 2011.
“Business was strong in October, and we delivered a solid performance in
the third quarter,” said Terry J. Lundgren, chairman, president and
chief executive officer of Macy’s, Inc. “The key growth strategies we
put in place three years ago continue to provide us new opportunities
for continuous improvement in driving sales. We are feeling confident
about our prospects for the upcoming holiday season and have increased
our sales guidance for the fall season, despite the interruption caused
by Hurricane Sandy in the first few days of the fourth quarter.”
More than 200 Macy’s and Bloomingdale’s stores were closed for some
period of time (ranging from a few hours to multiple days) as a result
of Hurricane Sandy. The company is confident that it can make up some or
most of the lost sales through the remainder of the quarter.
“Our thoughts and prayers continue to go out to the thousands of our
associates and millions of our customers who were affected by the
hurricane. In our preparation for the storm, their safety was our utmost
concern. We are grateful to the teams in our stores, systems, logistics
and central office operations for their extraordinary efforts in helping
us to prepare thoroughly and recover quickly from Hurricane Sandy,”
Lundgren said.
Given strong third quarter sales performance, Macy’s, Inc. is raising
its guidance for same-store sales growth in the second half of 2012 to
approximately 4 percent (an increase from previous guidance of up
approximately 3.7 percent). This calculates to guidance for same-store
sales in the fourth quarter to grow by approximately 4.2 percent.
For the third quarter of 2012, the company’s total sales were $6.076
billion, an increase of 3.8 percent compared with total sales of $5.853
billion in the same 13-week period last year. On a same-store basis,
Macy’s, Inc.’s third-quarter sales were up 3.7 percent.
For the year to date, Macy’s, Inc. sales totaled $18.337 billion, up 3.7
percent from total sales of $17.681 billion in the first 39 weeks of
2011. On a same-store basis, Macy’s, Inc.’s year-to-date sales were up
3.7 percent.
Online sales (macys.com and bloomingdales.com combined) were up 44.6
percent in October, 40.4 percent in the third quarter and 36.8 percent
year-to-date in 2012 compared to 2011. Online sales positively affected
the company’s same-store sales by 2.2 percentage points in the third
quarter and 1.8 percentage points in the year to date. Online sales are
included in the same-store sales calculation for Macy's, Inc.
Macy’s, Inc. is scheduled to report its third quarter earnings on
Wednesday, Nov. 7, and will webcast a call with financial analysts and
investors that day at 10:30 a.m. (ET). Macys, Inc.’s webcast is
accessible to the media and general public via the company's website at www.macysinc.com.
Analysts and investors may call in on 1-888-724-9511, passcode 5303489.
A replay of the conference call can be accessed on the website or by
calling 1-888-203-1112 (same passcode) about two hours after the
conclusion of the call.
Macy’s, Inc., with corporate offices in Cincinnati and New York, is one
of the nation’s premier retailers, with fiscal 2011 sales of $26.4
billion. The company operates about 840 department stores in 45 states,
the District of Columbia, Guam and Puerto Rico under the names of Macy’s
and Bloomingdale’s, as well as the macys.com and bloomingdales.com
websites. The company also operates 11 Bloomingdale’s Outlet stores.
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements are
based upon the current beliefs and expectations of Macy’s management and
are subject to significant risks and uncertainties. Actual results could
differ materially from those expressed in or implied by the
forward-looking statements contained in this release because of a
variety of factors, including conditions to, or changes in the timing
of, proposed transactions, prevailing interest rates and non-recurring
charges, competitive pressures from specialty stores, general
merchandise stores, off-price and discount stores, manufacturers’
outlets, the Internet, mail-order catalogs and television shopping and
general consumer spending levels, including the impact of the
availability and level of consumer debt, the effect of weather and other
factors identified in documents filed by the company with the Securities
and Exchange Commission.
(NOTE: Additional information on Macy’s, Inc., including past news
releases, is available at www.macysinc.com/pressroom).
