Macy's, Inc. Same-Store Sales up 1.2% in June

Macy's, Inc. M today reported total sales of $2.412 billion for the five weeks ended June 30, 2012, an increase of 0.8 percent compared with total sales of $2.392 billion in the five weeks ended July 2, 2011. On a same-store basis, Macy's, Inc. sales were up 1.2 percent in June 2012 as compared to June 2011. “June sales were below expectations. In part, this was a function of a macroeconomic environment that is stagnant at best, and lower spending by tourists in cities such as New York. Additionally, the unprecedented renovation at Macy's Herald Square in New York City, the world's largest store, is well under way but created more short-term business disruption than anticipated in the June sales period. We are on schedule to open the first phase of the largest women's shoe department in the world this August,” said Terry J. Lundgren, chairman, president and chief executive officer of Macy's, Inc. “ In June, we were pleased with bright spots such as strong Father's Day sales, as well as results from Macy's major nationwide promotion of Brazil-inspired fashion. We continue to believe firmly in our key strategies for the ongoing growth in our business. And given our healthy cash flow, we expect to buy back at least $1 billion in shares this year.” For the year to date, Macy's, Inc.'s sales totaled $10.569 billion, up 3.4 percent from total sales of $10.217 billion in the first 22 weeks of 2011. On a same-store basis, Macy's, Inc.'s year-to-date sales were up 3.6 percent in 2012 over 2011.