(Filed Under Financial and General Interest News). Macy’s, Inc. reported a 57 percent increase in earnings per diluted share — from 35 cents to 55 cents — for the second quarter ended July 30, 2011. Earnings per share for the first half of 2011 came to 86 cents, an increase of 115 percent compared to 40 cents per share in the first half of 2010.
According to the company, sales, income and cash flow for the second quarter as well as the the first half of 2011 overall exceeded expectations. "This was our most successful second quarter and spring season in more than a decade," stated Terry J. Lundgren, chairman, president and chief executive officer of Macy’s. "We have moved quickly to establish a culture of growth at Macy’s, Inc. since reorganizing the company in 2008 and 2009, and yet we feel we are just beginning to take advantage of the benefits we envision."
Second-quarter net sales total $5.94 billion, up 7.3 percent from $5.54 billion in 2010. Same-store sales went up 6.4 percent. Online sales at Macys.com and Bloomingdales.com increased 40.2 percent. Operating income reached $506 million, or 8.5 percent of sales, up from $370 million, or 6.7 percent of sales, during the prior year’s period.
Due to Macy’s success in the first half of 2011, the company is increasing its full-year earning guidance to $2.60 to $2.65 per diluted share, compared to a previous full-year guidance range of $2.40 to $2.45 and an initial range of $2.25 to $2.30 provided at the beginning of 2011.
Macy’s, Inc. has corporate offices in Cincinnati, Ohio and New York City and operates approximately 850 Macy’s and Bloomingdale’s department stores in 45 states, plus the District of Columbia, Guam and Puerto Rico.
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