Macy's May sales figure rises 4.2 percent
CINCINNATI (AP) — Department-store operator Macy's Inc. said Wednesday that revenue at stores open at least a year increased 4.2 percent in May, boosted by strong online sales and improvement across regions.
The news came a day before most other retailers report their sales figures for the month of May. Department stores suffered during the recession as consumers traded down to cheaper options. But Macy's has revamped its offerings, and results have improved.
Analysts polled by Thomson Reuters predicted a 4 percent rise in the revenue metric for the four weeks ended May 26. The measure is considered is a key indicator of a retailer's health because it excludes the volatility from stores recently opened or closed.
Macy's, which runs Bloomingdale's in addition to its namesake stores, said sales benefited from more offerings tailored to local tastes at its stores and more training of its employees on interacting with customers.
In addition, online sales from macys.com and bloomindales.com climbed 42.3 percent in May. Macy's revenue at stores open at least a year includes its online sales.
So far this year, revenue in stores open at least one year rose 4.3 percent and total revenue rose 4.3 percent to $8.16 billion.
The company, which has corporate offices in New York and Cincinnati, has about 840 department stores in 45 states, the District of Columbia, Guam and Puerto Rico.
Shares fell $1.14, or 2.9 percent, to $37.85 in morning trading amid a broader market decline. The Dow Jones industrial average gave up 1 percent.
