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Macy’s reports 4% rise in first quarter sales

RBR Staff Writer Published 16 May 2013

Departmental store chain Macy’s has reported 4% increase in sales to $6.387bn for the first quarter (Q1) ended 4 May 2013 compared with sales of $6.143bn in the same period last year.

On a comparable sales basis, Macy's first quarter sales, including net sales from stores open at least one full fiscal year, as well as online sales at macys.com and bloomingdales.com, were up 3.8% in 2013 over 2012.

For the first quarter of 2013, operating income was $435m compared with $391m for the same period in 2012.

During the reporting period, Macy's opened a new store in Victorville, California.

The department store chain continues to expect comparable sales to grow by approximately 3.5% in 2013.

Chairman, president and chief executive officer Terry Lundgren said the retailer was able to overcome challenges posed by sustained, unseasonably cool spring weather in northern climate zones.

"In addition, we saw weakness among some of the most budget-conscious consumers, as well as among our higher household income Bloomingdale's customers. We are continuing to pursue myriad new growth opportunities within our time-tested M.O.M. strategies (My Macy's, Omnichannel and Magic Selling)," Lundgren added.

"These strategies continue to work individually - and in unison - at Macy's to meet the needs of customers seeking fashion, quality, value and convenience."

With corporate offices in Cincinnati and New York, Macy's 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. Bloomingdale's in Dubai is operated by Al Tayer Group under a license agreement.