Macy's comparable sales rise 3.7 percent in 2012

Macy's sales and earnings grew significantly in the fourth

quarter and full year 2012, ended February 2, 2013. The company exceeded the guidance it provided coming into 2012, and today is providing new guidance for continued growth and progress in 2013.

“2012 was another great year in our company's evolving story of growth. The numbers reflect our success in pursuing the right strategies, and executing them with conviction in every part of the business with a talented team we consider to be the best in retailing,” said Terry J. Lundgren, chairman, president and chief executive officer of Macy's, adding, “We again added more than 1 billion dollars in top-line sales growth in 2012. Comp sales rose by 3.7 percent for the year, on top of increases of 5.3 percent in 2011 and 4.6 percent in 2010. Earnings per share grew by double-digits for the fourth consecutive year. Operating cash flow continued to be strong, and we used excess cash to repurchase shares and double the dividend.”

Earnings were 1.83 dollars per diluted share for the 14-week fourth quarter of 2012. Diluted earnings per share were 2.05 dollars in the fourth quarter of 2012. In the 13-week fourth quarter of 2011, earnings were 1.74 dollars per diluted share. Diluted earnings per share were 1.70 dollars in the fourth quarter of 2011. For the 53 weeks of fiscal 2012, Macy’s earned 3.24 dollars per diluted share. Earnings per diluted share were 3.46 dollars for fiscal 2012. For the 52 weeks of fiscal 2011, Macy's earned 2.92 dollars per diluted share. Earnings per diluted share were 2.88 dollars for fiscal 2011.

Sales in the 14-week fourth quarter of 2012 totalled 9.350 billion dollars, an increase of 7.2 percent, compared with sales of 8.724 billion dollars in the 13-week fourth quarter last year. On a same-store basis - which included comparable 13-week periods this year and last - Macy's fourth quarter sales were up 3.9 percent. The company's total sales for the 53 weeks of fiscal 2012 totalled 27.686 billion dollars, up 4.9 percent from total sales of 26.405 billion dollars in the 52 weeks of fiscal 2011.

Online sales were up 47.7 percent in the fourth quarter and 41.0 percent for fiscal 2012 compared to the same periods in 2011. Online sales positively affected the company's same-store sales by 3.3 percentage points in the fourth quarter and 2.2 percentage points in fiscal 2012 as a whole.

The company is assuming same-store sales growth of approximately 3.5 percent in fiscal 2013. Guidance for earnings per diluted share in fiscal 2013 is 3.90 dollars to 3.95 dollars. Capital expenditures for the year are expected to be approximately 925 million dollars. In fiscal 2013, the company has announced plans for new Macy's stores in Victorville, CA, and Gurnee, IL, as well as a Macy's Men's Store in Las Vegas, NV. A new Macy's will open in Bay Shore, NY, to replace a previous location. Bloomingdale's will open a new store inGlendale, CA, and a new Bloomingdale's Outlet store in Rosemont, IL.