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Macy’s 3Q Sales Beat Projections, -3.6%

(Filed Under Financial and General Interest News). Despite decreases from last year, Macy’s, Inc.’s results for the third quarter ended October 31, 2009 indicated an improvement over the first and second quarters' dismal numbers, and exceeded company projections.

Sales dropped 3.9 percent, to $5.277 billion from $5.493 billion during last year’s second quarter. Same-store sales were down 3.6 percent. Online sales for and combined—which are included in same-store sales—rose 21.1 percent for the third quarter and 15.6 percent for the year to date, which positively affected same-store sales by 0.6 percent in the third quarter and 0.5 percent in the year-to-date. Macy’s opened four new stores during the quarter, and has opened eight new stores in 2009.

For the upcoming fourth quarter, Macy’s expects same-store sales to drop 1 to 2 percent, which is better than previous guidance of a same-store sales drop of 5 to 6 percent.

Macy’s, Inc. operates out of corporate offices in Cincinnati, Ohio and New York City. The retailer operates more than 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the Macy’s and Bloomingdale’s names. In fiscal 2008, sales totaled at $24.9 billion.

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Published 11-12-2009 by Amanda Torres Price

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Macy’s 3Q Sales Beat Projections, -3.6%

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