Macy’s Ups Q2 Forecast on June Comps Growth

Macy’s, Inc. reported total sales of $2.39 billion for the five weeks ended July 2, 2011, an increase of 7.5 percent compared with total sales of $2.23 billion in the five weeks ended July 3, 2010. On a same-store basis, Macy’s, Inc. sales were up 6.7 percent in June.

“Sales growth in June exceeded our expectations. Once again, the growth came from across the company – Macy’s and Bloomingdale’s stores and online sites,” said Terry J. Lundgren, chairman, president and chief executive officer of Macy’s, Inc. “This sales trend has validated the effectiveness of our key strategies and enhances our resolve to develop and implement new ideas to maintain the momentum as we build a culture of growth at Macy’s, Inc.”

For the year to date, Macy’s, Inc.’s sales totaled $10.22 billion, up 6.6 percent from total sales of $9.59 billion in the first 22 weeks of 2010. On a same-store basis, Macy’s, Inc.’s year-to-date sales were up 6.1 percent.

Online sales (macys.com and bloomingdales.com combined) were up 45.0 percent in June and 39.6 percent year-to-date. Online sales are included in the same-store sales calculation for Macy’s, Inc.

Macy’s, Inc. is again raising its guidance for second quarter sales. The company now expects same-store sales to rise by approximately 6 percent in the second quarter, which would calculate to same-store sales growth of approximately 4.8 percent for the full year of fiscal 2011. Initial guidance was for same-store sales to increase by approximately 4 percent in the second quarter and by approximately 4.3 percent for the full year. Following a strong May, second quarter guidance was raised on June 1 to an increase of 5 percent in the second quarter and 4.5 percent for the full year of fiscal 2011. Year-over-year same-store sales increases in July will be lower than in May and June because of stronger year-ago sales in the final month of the quarter.

Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2010 sales of $25 billion. The company operates about 850 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 four Bloomingdale’s Outlet stores.