Macy's raises FY '10 guidance

CINCINNATI Macy's Inc. announced that it has raised its full year guidance for 2010.

Macy's said it now expects same-store sales for full-year fiscal 2010 to grow in the range of 3% to 3.5%. This compares with previous guidance for sales growth in the range of 1% to 2% in fiscal 2010. Guidance for earnings per diluted share in fiscal 2010 now is $1.75 to $1.80. This compares with previous full-year guidance for earnings of $1.55 to $1.60 per diluted share.

"Our very strong results so far this year reflect continued progress on our key strategic initiatives, including My Macy's localization and multichannel integration," said Terry Lundgren, chairman, president and chief executive of Macy's Inc. "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. Thus, we are optimistic about the company's ongoing ability to grow sales and earnings and capture market share."

For the first quarter, which ends May 1, the company said it continues to expect same-store sales to be up by approximately 5%. This is consistent with previous guidance provided on April 8.

First quarter earnings per diluted share are expected to be approximately break-even. This includes $27 million in premium and fees related to repurchase of debt, as previously announced. In last year's first quarter, the company lost 16 cents per diluted share, excluding restructuring charges.