Macy's Inc. (Cincinnati) reported sales rose 7.2 percent to $5.537 billion in the second quarter ended July 31, 2010, and same-store sales grew 4.9 percent.
For the year to date, the department store retailer’s sales totaled $11.111 billion, up 7.2 percent from the first 26 weeks of 2009. On a same-store basis, year-to-date sales were up 5.2 percent. Online sales (which are included in the same-store sales calculation) increased 28.1 percent in the second quarter and 31.0 percent in the first half of 2010.
“We believe our business is beginning to hit its stride after implementing significant structural and organizational changes over the past two years,” says Terry Lundgren, Macy's chairman, president and ceo. “While the economic environment remains uncertain, Macy's and Bloomingdale's have a terrific opportunity to continue to take market share and grow our business profitably.”
The company cites a number of strategic initiatives, including the My Macy's localization of merchandise assortments, centralization of key organizational functions, customer centricity activity, continued development of private brands and the introduction of new exclusive market brands, as contributing to the sales boost. “We are motivated to continue to innovate, test new ideas, accelerate the penetration of distinctive and exclusive merchandise and tailor our offering to the diverse customers who shop in our stores and online,” says Lundgren.
While no new stores were opened in the first half of 2010, Macy’s will add two Macy's stores, in Palmdale and Tracy, Calif., a new Bloomingdale's store in Santa Monica, Calif., and four new Bloomingdale's Outlet stores, during the second half of the year.