WWD.com/business-news/business/macys-earnings-rise-36-percent-5718307/
government-trade
government-trade

Macy’s Earnings Rise 36 Percent

Retailer says comparable store sales in 2011 rose 5.2 percent.

NEW YORK — Macy’s Inc. reported 2011 adjusted earnings per diluted share rose 36 percent to $2.92, from $1.98 in 2010, marking the chain’s third consecutive year of significantly improved financial performance.

Net income for the year rose to $1.26 billion from $847 million the year before while sales reached $26.4 billion, from $25 billion the year before. Comparable store sales rose 5.2 percent.

For the fourth quarter ended Jan. 28, earnings per share were $1.74, compared to $1.55 the year before, while sales came to $8.7 billion compared to $8.3 billion in the year ago period.

Macy’s said the results beat its 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,” said Macy’s Inc. chairman, chief executive and president Terry Lundgren. He also cited “a terrific holiday selling season, tangible progress in localization efforts,  omnichannel integration of stores, online and mobile, and its Magic selling program to help associates on the selling floor work with customers.

For 2012, the company expects comparable store sales to grow 3.5 percent and earnings per share of $3.25 to $3.30. Online sales are expected to top $2 billion in 2012.