Online sales fuel Macy s gains
Macy s Inc., which has eight Washington area Macy s locations and three local Bloomingdale s, saw a jump in January sales, helped by a big gain in online transactions.
The Cincinnati-based retailer says same store sales rose 3.4 percent in January to $1.255 billion. Online sales at both Macys.com and Bloomingdales.com surged 23.9 percent in January.
Macy s fourth quarter sales totaled $7.85 billion, down 0.8 percent from the fourth quarter of 2008. The decline was less than the company s guidance of a 1 percent to 2 percent drop in the fourth quarter.
Our company s sales and earnings results for the month and quarter reinforce the confidence we have in the strategic direction of our business, said chief executive Terry Lundgren in a statement.
Macy s also raised its fourth quarter earnings estimate to as much as $1.37 per share, up from its previous range of $1.14 to $1.18 per share. Macy s will report full quarterly results Feb. 23.
Macy s full year sales totaled $23.5 billion, down from $24.9 billion in 2008.
Macy s has more than 840 stores nationwide. It plans to open one of its first Macy s Outlet stores in the nation at Potomac Mills later this year.
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