Macy’s (M) Comps Up 10.8% for March 2010

Macy’s, Inc. (NYSE: M) today reported total sales of $2.143 billion for the five weeks ended April 3, 2010, an increase of 11.0 percent compared with total sales of $1.931 billion in the five weeks ended April 4, 2009. On a same-store basis, Macy’s, Inc. sales were up 10.8 percent in March.

For the year to date, Macy’s, Inc.’s sales totaled $3.783 billion, up 7.9 percent from total sales of $3.508 billion in the first nine weeks of 2009. On a same-store basis, Macy’s, Inc.’s year-to-date sales were up 7.6 percent.

Online sales (macys.com and bloomingdales.com combined) were up 40.4 percent in March and 39.3 percent year-to-date. Online sales are included in the same-store sales calculation for Macy's, Inc.

“Both Macy’s and Bloomingdale’s had a very strong month and performed above our expectations across the stores and online channels. Sales also benefited from an earlier Easter that shifted some business into March and will hurt April comparisons,” said Terry J. Lundgren, chairman, president and chief executive officer of Macy’s, Inc. “Customers are responding favorably to our spring fashion offerings, to the value we are delivering, as well as to more tailored assortments made possible by our evolving culture of My Macy’s localization.”

The company said it expects same-store sales in April to be about flat to last year, which would generate a same-store sales increase of approximately 5 percent for the first quarter.

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