Macy's, Inc. Same-Store Sales Up 1.2% in June
Macy's, Inc. (NYSE:M) today reported total sales of $2.412 billion for the five weeks ended June 30, 2012, an increase of 0.8 percent compared with total sales of $2.392 billion in the five weeks ended July 2, 2011. On a same-store basis, Macy's, Inc. sales were up 1.2 percent in June 2012 as compared to June 2011.
"June sales were below expectations. In part, this was a function of a macroeconomic environment that is stagnant at best, and lower spending by tourists in cities such as New York. Additionally, the unprecedented renovation at Macy's Herald Square in New York City, the world's largest store, is well under way but created more short-term business disruption than anticipated in the June sales period. We are on schedule to open the first phase of the largest women's shoe department in the world this August," said Terry J. Lundgren, chairman, president and chief executive officer of Macy's, Inc. " In June, we were pleased with bright spots such as strong Father's Day sales, as well as results from Macy's major nationwide promotion of Brazil-inspired fashion. We continue to believe firmly in our key strategies for the ongoing growth in our business. And given our healthy cash flow, we expect to buy back at least $1 billion in shares this year."
For the year to date, Macy's, Inc.'s sales totaled $10.569 billion, up 3.4 percent from total sales of $10.217 billion in the first 22 weeks of 2011. On a same-store basis, Macy's, Inc.'s year-to-date sales were up 3.6 percent in 2012 over 2011.
Online sales in 2012 (macys.com and bloomingdales.com combined) were up 31.8 percent in June and 34.8 percent year-to-date compared to 2011. Online sales are included in the same-store sales calculation for Macy's, Inc.
The company is reiterating its guidance for full-year 2012 sales and earnings, which was initially provided in May 2012. Same-store sales are expected to rise by approximately 3.7 percent, with earnings per diluted share expected in the range of $3.25 to $3.30, for fiscal 2012.
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 nine 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 http://www.macysinc.com/pressroom).
SOURCE: Macy's, Inc.