Macy’s scores gain in June revenue figure and tops Wall Street forecasts
By APThursday, July 8, 2010
June revenue figure climbs at Macy’s
CINCINNATI — Department store chain Macy’s Inc. said Thursday that revenue at its stores open at least a year climbed 6.5 percent in June and beat Wall Street forecasts.
The figure is a key indicator of a retailer’s performance because it excludes results from stores that open or close during the year.
Analysts surveyed by Thomson Reuters on average expected a 6.1 percent rise.
Overall revenue for the month rose 9 percent to $2.23 billion from $2.04 billion in June last year.
“We are pleased with our sales in June,” Chairman and CEO Terry J. Lundgren said in a statement. “We remain on track in our drive for sales and market share growth, improved earnings and strong cash flow.”
The company said it expects revenue from locations open at least a year to climb 4.5 percent for the second quarter and 3 percent to 3.5 percent for the year.
Macy’s shares rose 24 cents, or 1.3 percent, to $18.15 in pre-market trading Thursday. Shares closed Wednesday at $17.91.
