Macy's Inc. (NYSE:M) today reported total sales of $1.799 billion for
the five weeks ended Feb. 2, 2013, an increase of 34.6 percent compared
with total sales of $1.337 billion in the four weeks ended Jan. 28,
2012. The January period reflects an extra week in fiscal 2012, creating
a 53-week fiscal year that occurs approximately every six years in the
accounting cycle for most retailing companies.
On a same-store basis -- which includes comparable four-week periods this
year and last year -- Macy's, Inc. sales were up 11.7 percent in January
as compared to January 2012.
"Simply put, January was an outstanding month for Macy's and
Bloomingdale's. Our sales were driven by our strategy to flow-in more
fresh fashion goods in December to better serve post-holiday shoppers
seeking new and interesting merchandise," said Terry J. Lundgren,
chairman, president and chief executive officer of Macy's, Inc. "This
exceptional January performance capped our company's third consecutive
year of topline sales growth of more than $1 billion, which began in
2009 when we restructured Macy's into a national retailer with a local
focus. Clearly, our strategies are resonating with customers as they
shop in our stores, online and via mobile.
"We are continuing to execute new elements within our key strategies to
maintain the growth and momentum in our business. Our team across the
company remains committed to innovation and continuous improvement
through enhanced localization of our merchandising and marketing
strategies, omnichannel integration and customer engagement," Lundgren
said.
For the 14-week fourth quarter of fiscal 2012, Macy's, Inc.'s sales
totaled $9.350 billion, up 7.2 percent from total sales of $8.724
billion for the final 13 weeks of 2011. On a same-store basis -- which
includes comparable 13-week periods this year and last year -- the
company's fourth quarter sales were up 3.9 percent.
For fiscal 2012 as a whole, Macy's, Inc. sales totaled $27.686 billion,
up 4.9 percent from total sales of $26.405 billion in fiscal 2011. On a
same-store basis -- which includes comparable 52-week periods this year
and last year -- Macy's, Inc.'s fiscal 2012 sales were up 3.7 percent.
Online sales (macys.com and bloomingdales.com combined) were up 48.9
percent in January, 47.7 percent in the fourth quarter and 41.0 percent
for fiscal 2012 compared to the same periods in 2011. Online sales
positively affected the company's same-store sales by 3.3 percentage
points in the fourth quarter and 2.2 percentage points in fiscal 2012 as
a whole. Online sales are included in the same-store sales calculation
for Macy's, Inc.
Updated Guidance
Given its strong January performance, the company is raising fourth
quarter earnings guidance to the level previously provided in November
2012. Earnings per diluted share for the fourth quarter of 2012 is now
expected in the range of $1.94 to $1.99, excluding costs associated with
the previously announced debt tender offer and store closings. This
compares with earnings guidance provided on Jan. 3, 2013 for fourth
quarter earnings in the range of $1.91 to $1.96 per diluted share,
excluding those costs.
Including the 22 cents per diluted share for costs associated with the
debt tender offer and store closings, earnings per diluted share for the
fourth quarter of 2012 are now expected to be in the range of $1.72 to
