Sponsors
Billabong ▼ -0.020 | PPR ▲ +1.35 | American Apparel ▼ -0.029 | The Buckle ▲ +0.01 | Columbia ▲ +0.06 | Deckers Outdoor ▲ +2.55 | Dicks ▲ +0.12 | Foot Locker ▲ +0.18 | Genesco ▼ -0.02 | Iconix Brand Group ▲ +0.01 | Jarden Corp ▲ +0.85 | Nordstrom ▲ +1.03 | Luxottica ▲ +1.64 | Nike ▲ +1.05 | Pacific Sunwear ▼ 0.00 | Skullcandy ▲ +0.09 | Sport Chalet - 0 | Urban Outfitters ▲ +0.06 | VF Corp ▲ +0.35 | Quiksilver ▲ +0.07 | Zumiez ▲ +0.81 | Macys ▲ +0.45 | Tillys ▼ -0.04 |
Ticker Sponsor
Readers Say
I require all our executives to read it
I require all our executives to read it

There is no better publication that I am aware of that is so accurate and on top of any news and developments in our industry. I personally recommend it to many people that want to know and understand more about our industry. For the most part, shop-eat-surf.com gets the stories first. As a matter of fact, I require all the executives in our company to read it.

- By Hezy Shaked, President & CEO, Tilly's
Keeps me in the loop
Keeps me in the loop

Being an Executive Edition member allows me to not miss a beat when it comes to the Industry business news. Definitely keeps me in the loop plus goes great with my morning joe.

- By Tony Perez, Surfer and Surfing magazines
Industry Insight

SDSI: 7 new companies accepted into the Springboard business mentoring program. AGENDA: Registration and travel planning now open for January and February trade shows.

Details on Industry Insight.


Tiffany Montgomery
Print This Article

Macy’s expects sales pickup in third quarter

By Tiffany Montgomery
February 27, 2008 5:59 AM

Here are some details from the Macy's earnings release and conference call yesterday.

The business now and the rest of 2008

 

  • In January and February executives have become more concerned about the economy and consumer spending, though the end of February was better than the beginning.

 

  • For 2008, Macy's expects same-store sales to be down 1 percent to up 1.5 percent.

 

  • Macy's is assuming sales will pick up mid-third quarter.

 

  • The company does not expect a large number of store closings in the near future.

 

  • The company plans to expand Bloomingdale's more aggressively in the future.

 

  • The recent consolidation of regional offices is designed to shift resources and improve execution at the store level. More local assortments and better customer service on the floor should begin to show up a bit in the fall, with a bigger impact in spring, 2009.

 

  • These changes will also allow buyers to make big merchandising decisions faster and simplify relationships with vendors.

 

  • Macy's long-term goal is to grow same-store sales 2 percent annually.

Fourth quarter 2007


Same-store sales: down 2 percent

Total sales: down 6.2 percent to $8.6 billion

Net income: up 2.3 percent to $750 million


Fiscal 2007


Same-store sales: down 1.3 percent

Total sales: down 2.4 percent to $26.3 billion

Net income: down 10.2 percent to $893 million

 


More on: Macy's, earnings, sales

Articles You Might Have Missed