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Department store chain Macy’s profits up in Q4

RBR Staff Writer Published 26 February 2014

American department store chain Macy’s reported surge in profits for the fourth quarter, compared to the same period last year.

The Cincinnati, Ohio-based retailer reported net income of $811m for the fourth quarter ending 1 February, higher than $730m in the prior-year quarter.

Net sales for the quarter decreased 1.6% to $9.20bn, from $9.35bn in the same quarter last year.

Comparable sales for the quarter grew 1.4%, and increased 2.3% when combined with comparable sales from departments licensed to third parties.

Macy's chairman, president and CEO Terry Lundgren said, "Once warm spring weather arrives and our full assortment of fresh spring merchandise is in place, we believe customers will return to a more normalized pattern of shopping."

For fiscal 2013, the company reported net income of $1.49m, higher than $1.34bn in the prior year. Net sales for the full year edged up 0.9% to $27.93bn from $27.69bn in the previous year.

Macy's chairman, president and chief executive officer Terry Lundgren said the company had a strong year in 2013.

"This was our fifth consecutive year of double-digit growth in earnings per share and our fourth consecutive year of comparable sales growth. In fact, our total sales have grown by more than $4.4 billion in the past four years," Lundgren added.

Macy's operates about 840 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 13 Bloomingdale's Outlet stores. Bloomingdale's in Dubai is operated by Al Tayer Group under a license agreement.