HomeWorld Business Magazine, homeworldbusiness.com | The Newspaper For Housewares Decision Makers

Macy's Beats Street In Strong August Performance

Friday August 31st, 2012 - 9:31AM


In the four weeks ended August 25, Macy's, Inc. generated total sales of $1.81 billion, an increase of 5.7% versus the four weeks ended August 27, 2011. Comparable store sales gained 5.1% versus the year-ago period.

The comp figure beat an average analyst estimate of 3.3%.

Online sales at macys.com and bloomingdales.com combined advanced 37.4% in August versus the 2011 month. The retailer includes online sales in its comp calculation for Macy's, Inc.

"Sales exceeded our expectations in August, and the strength was broad-based across merchandise categories, geographies and channels," said Terry Lundgren, Macy’s chairman, president and CEO. “I am particularly pleased with our back-to-school results in the Millennial customer categories and our improved performance in feminine apparel. Men's apparel, home furnishings, beauty products, women's shoes and handbags continue to perform well. Our fall season is off to a healthy start. Customers continue to respond to the new receipts of fashion merchandise across the store. At Macy's Herald Square flagship store in New York City, our customers are enthusiastic about the first phase of the world's largest women's shoe department on the second floor and the newly remodeled fine jewelry environment on the first floor. Additional areas of the remodeled first and second floors will be reopened prior to Thanksgiving.”

Lundgren said Macy’s major operational initiatives are continuing to generate increased business, which makes him view the year-end with optimism.

"Across the company, we are continuing to plow new ground in implementation of our core strategies: My Macy's merchandise localization, omnichannel integration of stores, online and mobile, and enhanced customer engagement through MAGIC Selling. We believe these improvements have enabled Macy's, Inc. to continue to grow sales and capture market share, and position us to better serve customers in the upcoming holiday season," stated Lundgren.

Macy’s operates about 840 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the Macy's and Bloomingdale's banners, as well as the macys.com and bloomingdales.com websites. The company also operates 10 Bloomingdale's Outlet stores.