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current news

Macy’s Raises Guidance on Strong 3q Results


(Filed Under Financial and General Interest News). Leading U.S. retailer Macy’s Inc. reported net income of $139 million, or 32 cents a share, in the third quarter of fiscal 2011 — up from $10 million, or 2 cents a share, in the prior year’s period.

Revenue rose 4.1 percent to $5.85 billion from $5.62 billion. Comparable store sales grew 4 percent during the quarter, and the company said it expected that measure to rise between 4 and 4.5 percent for the current quarter. Macy’s also raised its full-year guidance to a range of $2.70 to $2.75 per share, up from $2.60 to $2.65 per share.

"You can feel the momentum and confidence that has been building at Macy’s since our organizational changes in 2009, and especially over the past nine months," stated president and C.E.O. Terry J. Lundgren. "We believe this will help us to continue to capture market share in the fourth quarter and lay the foundation for continued innovation in our business in 2012."

The organizational changes said to contribute to the company’s strong performance include tailoring merchandise to local markets as well as a well-trained sales force. Approximately 130,000 Macy’s employees underwent more focused training in the past year. The company also attributed strong sales numbers to the movement of designer brands at Bloomingdale’s stores.

Cincinnati-based Macy’s Inc. operates 41 Bloomingdale’s locations as well as more than 800 Macy’s stores.


more Financial and General Interest News >>

Published 11-09-2011 by Katherine Rautenberg

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