Department store operator Macy's Inc. (Cincinnati) reports sales, earnings and cash flow for 2011, including the fourth quarter, exceeded management's expectations.
"We have more than doubled our earnings over the past three years, driven by innovative strategic initiatives that are being executed with discipline at both Macy's and Bloomingdale's,” says Terry Lundgren, chairman, president and ceo, Macy's Inc. “Our diluted earnings per share, adjusted for certain items, grew by 36 percent in fiscal 2011, on top of double-digit increases in each of 2009 and 2010."
Looking at sales, Macy’s reports fourth quarter sales totaled $8.724 billion, an increase of 5.5 percent. On a same-store basis, fourth quarter sales were up 5.2 percent.
The company's total sales for the 52 weeks of fiscal 2011 grew 5.6 percent to $26.405 billion and same-store sales were up 5.3 percent. Online sales also continued to grow, up 40 percent in the fourth quarter and 39.6 percent for fiscal 2011.
In fiscal 2011, the company, which operates stores under the Macy’s, Bloomingdale’s and Bloomingdale’s Outlet banners, opened four stores and closed 12 locations.