Macy's Beats Estimates, Sees Catch Up To Sandy
Thursday November 1st, 2012 - 5:29PM
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For the four weeks ended October 27, Macy’s, Inc. reported today that total sales increased 3.6% to $1.91 billion versus the four weeks ended October 29, 2011. On a comparable store basis, Macy’s sales gained 4.1% in October versus last year’s month.
Macy’s comp advance topped Retail Metrics Inc. average analyst estimate of 4%.
Online sales at macys.com and bloomingdales.com combined gained 44.6% in October, the retailer said. Macy’s includes online sales in the overall comp figure.
“Business was strong in October, and we delivered a solid performance in the third quarter,” said Terry Lundgren, Macy’s chairman, president and CEO. “The key growth strategies we put in place three years ago continue to provide us new opportunities for continuous improvement in driving sales. We are feeling confident about our prospects for the upcoming holiday season and have increased our sales guidance for the fall season, despite the interruption caused by Hurricane Sandy in the first few days of the fourth quarter.”
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Dissecting what Ron Johnson got wrong during his brief, calamitous term at the helm of J.C. Penney is sure to be the focal point of retail strategy and tactics lessons for years to come. But Penney’s future could still hinge to some extent on what he got right.