Macy’s Projects 5 Percent Same-Store Sales Gain for First Quarter

       

       

CINCINNATI–Macy’s said its first-quarter same-store sales should grow 5 percent over the first-quarter of last year.

The department-store retailer also said its earnings for the quarter should be about break-even with last year, as opposed to a loss of 16 cents per share in last year’s first quarter. For the full 2010 fiscal year, Macy’s said same-store sales should rise in the range of from 3 percent to 3.5 percent.

Terry Lundgren, chairman, president and chief executive officer, said these forecasts reflect the company’s progress on “key strategic initiatives, including My Macy’s localization and multichannel integration. We believe we still are in the early stages of implementation of our new strategies, which were enabled by the unification of the Macy’s organization at this time last year.”