Department Stores

Macy's First Quarter Sales up 5.7 Percent

Raises fiscal year guidance

Published

13 years ago

May 11, 2011

VMSD Staff

Macy's Inc. (Cincinnati) reported sales totaled $5.889 billion, an increase of 5.7 percent, in the first quarter of 2011. Same-store sales grew 5.4 percent.

Online sales were also on the rise, increasing 38.3 percent in the first quarter. (Online sales are included in the same-store sales calculation for Macy's, Inc.)

“We are building a culture of growth at Macy's, Inc. Our performance cannot be attributed to a single factor, but rather to the coordinated execution of a series of complementary customer-centric strategies,” says Terry Lundgren, Macy's chairman, president and ceo. “In the first quarter, we benefitted from strong topline sales, disciplined margin and expense management, improved credit performance and lower interest expense.”

As a result, the department store chain doubled its quarterly dividend and raised FY2011 sales and earnings guidance.

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