Macy's Inc. earned $10 million, or 2 cents per share, for the period
ended Oct. 30, rebounding from a loss of $35 million, or 8 cents per
share, a year ago.
Macy's said its revenue rose 6.6 percent to $5.6 billion. Same-store sales rose 3.9%.
Third quarter 2010 results included 6 cents per diluted share of
expenses associated with the repurchase of debt in the third quarter.
Third quarter 2009 results included 5 cents per diluted share of
restructuring costs related to division consolidations and localization
initiatives. Excluding these items from both periods, earnings were 8
cents per diluted share in the third quarter of 2010, compared with a
loss of 3 cents per diluted share in the third quarter last year.
“Throughout 2010, we have gained confidence and momentum as customers
have responded favorably to our execution of key strategies developed
and activated over the past few years. This bodes well for our business
as we enter the holiday selling season with a differentiated and
tailored merchandise offering, compelling marketing, and an energized
organization of store associates focused on engaging customers,” said
Terry J. Lundgren, chairman, president and chief executive officer of
Macy's, Inc. “We are proud of the results we have generated as My Macy's
has firmly taken root, creating a leading nationwide brand with a local
focus in each market. Simultaneously, Bloomingdale's has aggressively
capitalized on the return of the upscale customer and has reinforced its
reputation for extraordinary contemporary fashion and service. Both
brands remain in the early stages of benefitting from an enhanced
omnichannel approach that integrates the offerings of Macy's and
Bloomingdale's stores, online sites, mobile technology and social media.
“We are productively using the significant amount of cash being
generated by our business to further strengthen our balance sheet. In
2010, we have retired a total of more than $1.2 billion of debt using
excess cash. This includes $1 billion in repurchase transactions on the
open market in the first and third quarters, as previously announced,”
Lundgren said.
For the full year, the company said expects earnings between $1.94 and $1.99 per share. That compares with previous guidance of between $1.89 and $1.94 per share.
Macy's also boosted its outlook on Wednesday for revenue at stores open at least a year for the second half. It now expects that measure to be up between 3.3 percent and 4 percent. That compares with an earlier outlook for an increase of 3 percent to 3.5 percent offered in August.
