• Q4 net profit up 50% to US$667m
  • Sales up 5.4% to $8.27bn
  • Several strategies “in early stages”, says CEO 

Department store giant Macy’s showed a much-improved performance in its fourth
quarter, boosting profits by 50% and recording a 4.3% rise in same-store sales.

The 5.4% revenue rise in the three months to 29 January contributed to a 6.4 increase in full-year sales, with like-for-likes in the 12-month period rising 4.6%.

“Fiscal 2010 was a very successful year for Macy’s and Bloomingdale’s based on a
combination of strong sales, steady margins and continued expense discipline,” said
Terry J Lundgren, chairman, president and CEO.

“We remain in the early phases of implementing several key strategies – localising
assortments through My Macy’s, embracing customer centricity and driving omnichannel integration.

“We have a focused, energised and experienced organisation that has seen the initial success of these initiatives and we now are pursuing new ideas for further
improvement and sharpened execution.”

Macy’s is forecasting a 3% same-store sales increase in fiscal 2011, with earnings per share predicted at $2.25-2.30.