Published: August 12, 2010 | Retrieved for Ed Porpoises by Pat Darnell
Macy's announces net income increase during second quarter
In particular, Macy's has greatly benefited from its localization plan, which puts decisions on what merchandise to stock closer to customers. It has also put more experienced workers on its sales floor.
" ... For example, Lundgren has said that Macy's added more career dresses and navy pumps at its Washington, D.C. store, a move that helped to boost sales. Washington, with a strong base of government workers, typically has shoppers with more conservative fashion tastes. (ANNE D'INNOCENZIO. AP Retail Writer) ... "Read more: HERE and HERE
Its moderately priced fashion exclusives include the recently launched Material Girl, a teen line created by pop star Madonna and her 13-year-old daughter Lourdes. The line sells from $12 to $40.
The Cincinnati-based company boosted its profit outlook and increased its forecast for a key revenue measure as it takes market share from rivals such as J.C. Penney.
Indications that Macy's will be a clear winner as the retail earnings season gets under way drove its stock up 79 cents, or 4.1 percent, to $20.18 in early afternoon trading.
The chain said Wednesday that it posted net income of $147 million, or 35 cents per share, for the period ended July 31. That compares with $7 million, or 2 cents per share, in the same period last year. Revenue rose 7.2 percent to $5.54 billion. For the quarter, revenue at stores open at least a year rose 4.9 percent. Revenue at those stores is considered a key measure of a retailer's health.
From wire reports