Macy's Posts Strong Sales, Earnings; Raises Forecast

  • August 11, 2010
Thanks to strong sales, improved margins, and continued traction from its localization efforts, Macy's saw big gains in its second quarter results, and raised its earning forecast for the full year. Sales in the second quarter rose 7.2% to $5.54 billion, with same-store sales climbing 4.9%. And net income for the Cincinnati-based chain rose to $147 million, from $7 million in the same period last year. Online sales at macys.com and bloomingdales.com gained a hefty 28.1% in the second quarter, and 31% in the first half. "We are entering the fall season with tremendous momentum," Terry J. Lundgren, its chairman and CEO, says in a statement. "We are motivated to continue to innovate, test new ideas, accelerate the penetration of distinctive and exclusive merchandise, and tailor our offering."

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