Macy’s, Inc. Same-Store Sales Down 0.7% in November
Company reiterates guidance for Q4 same-store sales to be up by approximately
CINCINNATI -- November 29, 2012
Macy’s, Inc. (NYSE:M) today reported total sales of $2.450 billion for the
four weeks ended Nov. 24, 2012, a decrease of 0.6 percent compared with total
sales of $2.464 billion in the four weeks ended Nov. 26, 2011. On a same-store
basis, Macy’s, Inc. sales were down 0.7 percent in November as compared to
“Despite the largest-volume Thanksgiving weekend in our company’s history, we
were not able to overcome the weak start to the month, which included the
disruption of Hurricane Sandy. Yet we remain on track to deliver a very strong
sales performance in the fourth quarter, consistent with our guidance,” said
Terry J. Lundgren, chairman, president and chief executive officer of Macy’s,
“Going forward into the heart of the holiday season, we continue to be very
enthusiastic about how our Omnichannel strategy is playing out, as was clearly
evident during Thanksgiving week, into Black Friday weekend and through Cyber
Monday. Our stores team has done an outstanding job preparing for the holidays
and recovering the sales floors after periods of heavy customer traffic. Every
aspect of our company has come together to provide customers with a seamless
shopping experience whether they are shopping our stores, online, mobile or a
combination of all three. Through store fulfillment, we now are using all of
our inventory, no matter where it may be located in our system, to meet
customer demand,” Lundgren said.
For the year to date, Macy’s, Inc. sales totaled $20.786 billion, up 3.2
percent from total sales of $20.145 billion in the first 43 weeks of 2011. On
a same-store basis, Macy’s, Inc.’s year-to-date sales were up 3.1 percent.
Online sales (macys.com and bloomingdales.com combined) were up 39.2 percent
in November and 37.1 percent in 2012 year-to-date. Online sales are included
in the same-store sales calculation for Macy's, Inc.
Macy’s, Inc. reiterated its guidance (provided on Nov. 7) for fourth quarter
sales and earnings. The company expects same-store sales in the fourth quarter
to be up by approximately 4.2 percent. Fourth quarter earnings per diluted
share are expected in the range of $1.94 to $1.99, excluding costs associated
with the previously announced debt tender offer.
Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the
nation’s premier retailers, with fiscal 2011 sales of $26.4 billion. The
company operates about 840 department stores in 45 states, the District of
Columbia, Guam and Puerto Rico under the names of Macy’s and Bloomingdale’s,
as well as the macys.com and bloomingdales.com websites. The company also
operates 12 Bloomingdale’s Outlet stores.
All statements in this press release that are not statements of historical
fact are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are based upon the
current beliefs and expectations of Macy’s management and are subject to
significant risks and uncertainties. Actual results could differ materially
from those expressed in or implied by the forward-looking statements contained
in this release because of a variety of factors, including conditions to, or
changes in the timing of, proposed transactions, prevailing interest rates and
non-recurring charges, competitive pressures from specialty stores, general
merchandise stores, off-price and discount stores, manufacturers’ outlets, the
Internet, mail-order catalogs and television shopping and general consumer
spending levels, including the impact of the availability and level of
consumer debt, the effect of weather and other factors identified in documents
filed by the company with the Securities and Exchange Commission.
(NOTE: Additional information on Macy’s, Inc., including past news releases,
is available at www.macysinc.com/pressroom).
Media - Jim Sluzewski, 513-579-7764
Investor – Matt Stautberg, 513-579-7780
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