Wednesday November 13th, 2013 - 9:47AM
Macy’s, Inc. today reported that its third quarter earnings per share rose by 31% to 47 cents in the third quarter of 2013, ended November 2, 2013. This compares with 36 cents per share in last year’s third quarter.
“We were able to achieve a very successful third quarter of 2013, despite the tepid economic climate. This was our 15th consecutive quarter of improved earnings per share. Comparable sales rose by 3.5% in the quarter and, together with sales from departments licensed to third parties, were up 4.6%," said Terry Lundgren, chairman, president and CEO of Macy's Inc.
He continued: "Our improved sales performance resulted from continued success in the execution of our key strategies— My Macy’s localization, Omnichannel integration and Magic Selling customer engagement. In addition, business in the third quarter benefitted from intensified marketing strategies to emphasize the outstanding value in our merchandise deliveries. Both Macy’s and Bloomingdale’s performed well in the quarter, and we saw improvement in the sales trend in every region of the country compared with the spring season."
For the first three quarters of 2013, Macy’s, Inc.’s diluted earnings per share were $1.74, an increase of 20 percent compared with earnings of $1.45 per diluted share in the first three quarters of 2012.
Sales in the third quarter of 2013 totaled $6.276 billion, up 3.3% from total sales of $6.075 billion in the third quarter of 2012. On a comparable sales basis, Macy’s, Inc.’s third quarter sales were up 3.5% in 2013 over 2012. Together with sales from departments licensed to third parties, third quarter 2013 sales on a comparable basis were up 4.6%.
“Our business improved during the quarter, with particular strength in October, so we are entering the fourth quarter with confidence. We have curated an outstanding offering of the best gifts, fashion, value and service for our customers throughout the holiday season. Additionally, we have completed the second year of our multi-year remodel project at Macy’s Herald Square flagship store in New York City, with the entire first and second floors now fully re-created," he said.
For the year to date, Macy’s, Inc. sales totaled $18.729 billion, up 2.1% from total sales of $18.336 billion in the first 39 weeks of 2012. On a comparable sales basis, Macy’s, Inc.’s year-to-date sales were up 2.2% in 2013 over 2012. Together with sales from departments licensed to third parties, year-to-date 2013 sales on a comparable basis were up 3.1%.
In the third quarter, the company opened a new Macy’s replacement store in Bay Shore, NY, and consolidated the Macy’s men’s and furniture store in downtown Sacramento, CA, into a nearby full-line store. Early in the fourth quarter, the company opened a new Bloomingdale’s store in Glendale, CA.