Macy’s Reports Q2 Sales Up 7.2%

Macy’s, Inc. has reported that sales in the second quarter totaled $5.537 billion, up 7.2% from total sales of $5.164 billion in the second quarter of 2009. On a same-store basis, Macy’s second quarter sales were up 4.9%.
Year to date, Macy’s sales totaled $11.111 billion, up 7.2% from total sales of $10.363 billion in the first 26 weeks of 2009. On a same-store basis, Macy’s year-to-date sales were up 5.2%.
Online sales for and combined showed a gain of 28.1% in the second quarter and 31% in the first half of 2010. Online sales positively affected the company’s same-store sales by 0.5 percentage points in the second quarter and 0.8 percentage points in the year-to-date figures. Online sales are included in the same-store sales calculation.
“We believe our business is beginning to hit its stride after implementing significant structural and organizational changes over the past two years. While the economic environment remains uncertain, Macy’s and Bloomingdale’s have a terrific opportunity to continue to take market share and grow our business profitably,” said Terry Lundgren, Macy’s, Inc. chairman, president and chief executive officer.
While the company didn’t open any new stores in the first half of 2010, two Macy’s stores are slated for the second half— in Palmdale and Tracy, CA; a new Bloomingdale’s store opened in Santa Monica, CA, on August 6; and four new Bloomingdale’s Outlet stores will open.
“The improvement in our business is not the result of a single factor. Rather, our performance reflects a number of strategic initiatives that are working successfully and complementing each other. This includes My Macy’s localization of merchandise assortments, centralization of key Macy’s organizational functions, continued development of private brands, introduction of new exclusive market brands, improvement in associate selling and service skills, and integration of stores and online channels,” he added.