Macy’s, Inc.’s EPS column is back in the black. Building on a strong finish in 2009, the Cincinnati-based retailer outpaced expectations by delivering earnings of 5 cents per diluted share for the first fiscal quarter of 2010. Results were buoyed by quarterly sales growth of 7.2 percent and a 5.5 percent increase in same-store sales for a total of $5.6 billion. Just a year ago, the parent company of Macy’s and Bloomingdale’s reported a 16-cent per diluted share loss (excluding restructuring charges) and total quarterly sales of $5.2 billion for the same period.
“We continue to see very positive results from strategic actions taken over the past two years,” said Terry J. Lundgren, Macy’s Inc.’s chairman, president and ceo, in a corporate statement. He credited the My Macy’s localization initiative along with “collaborative relationships” with vendors as key drivers for the accelerated performance.
While acknowledging that “the overall economy remains unclear,” Lundgren said the company will expand both of its brands. This fall, Bloomingdale’s will open its first smaller-format store in Santa Monica, Calif. and launch its first four Bloomingdale’s Outlet. Macy's, Inc. is also earmarking funds for multichannel integration strategies involving macys.com and bloomingdales.com