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Macy's reports Q4 and 2011 financial results

By Press Releases
February 21, 2012 6:43 AM

Press Release:

 

Macy’s, Inc. Reports Its Third Consecutive Year of Significant Growth in Sales, Earnings and Cash Flow

 

Diluted fourth quarter EPS is $1.74, or $1.70 as adjusted;

 

Diluted full-year EPS is $2.92, or $2.88 as adjusted, +36% vs. prior year;

 

Company provides guidance for continued growth in 2012

 

Macy’s, Inc. (NYSE:M) today reported its third consecutive year of significantly improved financial performance. Sales, earnings and cash flow for 2011, including the fourth quarter, exceeded management’s expectations and represented continued progress as the company continues to capture market share from its competitors.

 

“We have more than doubled our earnings over the past three years, driven by innovative strategic initiatives that are being executed with discipline at both Macy’s and Bloomingdale’s. Our diluted earnings per share, adjusted for certain items, grew by 36 percent in fiscal 2011, on top of double-digit increases in each of 2009 and 2010,” said Terry J. Lundgren, chairman, president and chief executive officer of Macy’s, Inc.

 

“Our year was punctuated with a terrific holiday selling season as our customers responded to our assortment of most-wanted merchandise for gifts and self-purchase, as well as compelling marketing campaigns. We clearly saw the tangible progress of our My Macy’s localization, omnichannel integration of stores, online and mobile, and MAGIC Selling, which have been driving our business over the past two years,” he said.

 

“Our very talented organization is energized by our back-to-back-to-back years of progress in serving the needs of our customers, individually by location and whenever and however they prefer to shop. As we enter 2012, we are poised to continue to innovate in delivering outstanding fashion, the best and most-wanted brands, game-changing technology and a level of service that customers have grown to expect from Macy’s and Bloomingdale’s. We believe this will be another exciting year in every aspect of growing our business. This includes our online business, which we expect will exceed $2 billion in sales in 2012,” Lundgren added.

 

Earnings were $1.74 per diluted share for the 13-week fourth quarter of 2011, ended Jan. 28, 2012. Diluted earnings per share were $1.70 in the fourth quarter of 2011, excluding pre-tax gains of approximately $54 million ($34 million after tax or 8 cents per share) from the sale of store leases related to the 2006 divestiture of Lord & Taylor, and approximately $29 million in pre-tax expenses ($18 million after tax or 4 cents per share) primarily related to store closings announced on Jan. 4.

 

In the 13-week fourth quarter of 2010, earnings were $1.55 per diluted share. Diluted earnings per share were $1.59 in the fourth quarter of 2010, excluding asset impairment charges and other costs and expenses related to store closings announced in January 2011 of $25 million ($16 million after tax or 4 cents per diluted share).

 

For the full 52 weeks of fiscal 2011, Macy’s, Inc. earned $2.92 per diluted share. Earnings per diluted share were $2.88 for fiscal 2011, excluding pre-tax gains of approximately $54 million ($34 million after tax or 8 cents per share) from the sale of store leases related to the 2006 divestiture of Lord & Taylor, and approximately $29 million in pre-tax expenses ($18 million after tax or 4 cents per share) primarily related to store closings announced on Jan. 4. This compares with management’s initial guidance provided at the beginning of the year for earnings per diluted share, excluding such items, to be in the range of $2.25 to $2.30 per diluted share in fiscal 2011.

 

In the 52 weeks of fiscal 2010, Macy’s, Inc. reported diluted earnings per share of $1.98. Diluted earnings per share were $2.11 for fiscal 2010, excluding asset impairment charges and other costs and expenses related to store closings announced in January 2011 of $25 million ($16 million after tax or 4 cents per diluted share), and expenses associated with the early retirement of debt in the first and third quarters of 2010 of $66 million ($41 million after tax or 9 cents per diluted share).

 

See Page 2 for sales results, 2012 forecast

 

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