Macy's home department fares well in 3Q
November 9, 2011,
Cincinnati - Macy's home store sales were "good" during the third quarter, with the best results stemming from textiles as well as furniture and luggage. But its omnichannel strategy marrying in-store and online businesses stole the show.
Online sales, for macys.com and bloomingdales.com combined, were up 39.8% in the quarter and 39.4% year to date compared to the same periods last year.
She said Macy's omnichannel customer "spends more with us. And actually, [the omnichannel initiative] is turning out to be far better in churning sales growth than we ever we thought."
Sales for the quarter ended Oct. 29 rose 4.1% to $5.85 billion. Comps increased 4 .0% gain. Online comps contributed 1.5 percentage points to the comp, Macy's reported.
Third quarter net income ballooned to $139 million from just $10 million last year. Earnings per share rose to 32 cents compared 2 cents in last year's third quarter, which included expenses of 6 cents per share associated with the repurchase of debt.
Year to date, total sales climbed 5.7% to $17.68 billion, and comps were up 5.3%.
Net income for the 39 weeks nearly tripled to $511 million from $180 million. EPS was $1.18, compared to 42 cents in the year-ago period. Excluding debt repurchase expenses, last year's EPS was 52 cents.
Terry Lundgren, corporate chairman, president and ceo, said Bloomingdale's "also enjoyed a strong quarter," both in stores and online.
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