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|Macy’s, Inc. Comparable Sales Including Licensed Departments Rose 4.3% in November/December Period; Comparable Sales Rose 3.6%|
Company maintains FY2013 EPS guidance, provides initial FY2014 sales and EPS guidance
(Editor’s Note: Macy’s, Inc. this afternoon also issued a separate news release outlining cost reduction initiatives to support continued profitable sales growth.)
“The 2013 holiday season was successful for Macy’s and Bloomingdale’s as
we offered fresh and distinctive merchandise, delivered great value to
the customer and provided a robust omnichannel shopping experience which
served our customers whenever, however and wherever they chose to shop
and to buy,” said
Macy’s, Inc. is scheduled to report fourth quarter sales and earnings on
The company’s comparable sales include net sales from stores open at least one full fiscal year, as well as online sales at macys.com and bloomingdales.com. The company licenses third parties to operate certain departments in its stores and receives commissions from these third parties based on a percentage of their net sales. Neither the licensed department sales nor the commissions received are included in the calculation of comparable sales.
Please see the last page of this news release for important information regarding the calculation of the company’s comparable sales together with comparable sales from departments licensed to third parties. The company believes that the combination of the two provides a useful measure for assessing changes in total customer demand at Macy’s and Bloomingdale’s.
Macy’s, Inc. is narrowing the range of its guidance for comparable sales growth in the second half of 2013 to a range of 2.8 percent to 2.9 percent (from previous guidance of up between 2.5 percent and 4 percent) – which calculates to guidance for comparable sales in the fourth quarter to grow by approximately 2.3 percent to 2.5 percent, and for full-year 2013 sales to grow by 2.2 percent to 2.3 percent.
The company is maintaining its full-year 2013 earnings guidance
The company also noted that it will forego an expected
Macy’s, Inc. also provided initial guidance for fiscal 2014. Management
currently expects comparable sales in 2014 to increase in the range of
2.5 percent to 3 percent compared with 2013 levels. Earnings per share
are expected in the range of
Macy’s, Inc., with corporate offices in
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements are
based upon the current beliefs and expectations of Macy’s management and
are subject to significant risks and uncertainties. Actual results could
differ materially from those expressed in or implied by the
forward-looking statements contained in this release because of a
variety of factors, including conditions to, or changes in the timing
of, proposed transactions, prevailing interest rates and non-recurring
charges, competitive pressures from specialty stores, general
merchandise stores, off-price and discount stores, manufacturers’
outlets, the Internet, mail-order catalogs and television shopping and
general consumer spending levels, including the impact of the
availability and level of consumer debt, the effect of weather and other
factors identified in documents filed by the company with the
(Note: additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom)
Important Information Regarding Non-GAAP Financial Measures
The Company reports its financial results in accordance with generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures provide users of the Company's financial information with additional useful information. See the table below for supplemental financial data and corresponding reconciliations to GAAP financial measures. These non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, the Company's financial results prepared in accordance with GAAP. Certain of the items that may be excluded or included in these non-GAAP financial measures may be significant items that could impact the Company's financial position, results of operations and cash flows and should therefore be considered in assessing the Company's actual financial condition and performance. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies.
Source: Macy’s, Inc.
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