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Macy’s 1q Sales Up 7.2%

(Filed Under Financial and General Interest News). Helped by strong performances at both its Macy’s and Bloomingdale’s divisions, Macy, Inc. reported a 7.2 percent increase in sales during the first quarter of 2010, to $5.574 billion from $5.199 billion. Same-store sales increased 5.5 percent. Online sales for and combined jumped 34 percent.

Terry J. Lundgren, chairman, president and chief executive officer of Macy’s, Inc., said that the company’s strong performance came as the result of improvements in the company’s approach on a variety of levels. “We continue to see positive results from the strategic actions taken over the past two years,” he remarked. “Today, we are much better able to anticipate and react to customer needs in each location through My Macy’s localization. We are very pleased with the collaborative relationships we have created with our vendors through our unified national organization and we are much more focused on serving our customers holistically in stores and online through multi-channel integration and targeted marketing.”

He added that the company is planning to expand both the Macy’s and Bloomingdale’s brands. Bloomingdale’s is slated to open a new, smaller-format store this fall in Santa Monica, Calif. The company also plans to open the first four Bloomingdale’s outlets in fall 2011.

Macy’s, Inc. reported fiscal 2009 sales of $23.5 billion.

more Financial and General Interest News >>

Published 05-13-2010 by Amanda Torres Price

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