Department stores operator Macy's, Inc. (M), Thursday reported an increase in sales for the five weeks ended January 2, 2010 from the same period of the previous year. For December, same-store sales were up 1%. The company also raised its adjusted earnings guidance for the fourth quarter.
The New York-based company's total sales for December were $4.426 billion, up 0.7% from $4.397 billion in the same period of the previous year. Online sales, including macys.com and bloomingdales.com, were up 29.4% in December.
Terry Lundgren, chairman, president and chief executive officer of Macy's, Inc., commented, "Sales for the month exceeded last year at both Macy's and Bloomingdale's. Bloomingdale's had a particularly strong December highlighted by success in gifts and designer brands. Additionally, our online businesses - macys.com and bloomingdales.com - continued to benefit from investments to increase functionality, convenience, service and multi-channel integration with the stores."
Macy's, Inc.'s same-store sales for the nine weeks of November and December combined were down 1.5%. The company expected sales to decline between 1% and 2% in the fourth quarter of 2009.
For the year-to-date period, Macy's, Inc. sales totaled $22.240 billion, down 6.1% from total sales of $23.679 billion in the same period of the previous year. Year-to-date online sales increased 19.3% from the previous year. On a same-store basis, Macy's' year-to-date sales were down 5.8%.
The company also increased its earnings guidance for the fourth quarter. It now expects fourth quarter earnings to range from $1.14 per share to $1.18 per share, excluding restructuring-related costs, compared to previous guidance of $1.00 per share to $1.05 per share.
On average, 14 analysts polled by Thomson Reuters expect the company to report earnings of $1.13 per share for the fourth quarter. Analysts' estimates typically exclude special items.
M is currently trading at $17.38, up 0.28 or 1.64%, on a volume of 8.46 million shares on the NYSE.
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