Macy's continues sales streak

CINCINNATI— Macy's continues to see improved financial performance, reporting fourth-quarter sales and earnings today that exceeded management’s expectations.

The company reported fourth-quarter earnings per diluted share of $1.74, compared with diluted earnings per share of $1.59 for the fourth quarter of 2010. Sales for the quarter increased 5.5% to $8.7 billion from $8.3 billion last year. Same-store sales for the quarter increased 5.2%.

“We have more than doubled our earnings over the past three years, driven by innovative strategic initiatives that are being executed with discipline at both Macy’s and Bloomingdale’s. Our diluted earnings per share, adjusted for certain items, grew by 36 percent in fiscal 2011, on top of double-digit increases in each of 2009 and 2010,” said Terry Lundgren, chairman, president and CEO of Macy’s, Inc.

In fiscal 2011, the company opened four stores and closed 12 stores.

For fiscal 2012, the company is expecting same-store sales growth of approximately 3.5%. Guidance for earnings per diluted share in fiscal 2012 is $3.25 to $3.30.