More stores in Macy's pipeline, 3Q comps up 4%

CINCINNATI —Macy's Inc. reported that earnings were 32 cents per diluted share forthe third quarter of 2011, ended Oct. 29, compared withearnings of 2 cents per diluted share in last year's third quarter, or 8cents per diluted share in last year's third quarter excluding expensesof 6 cents per share associated with the repurchase of debt.

"A number of factors contributed to this excellent third quarterperformance. We continue to move forward in the execution of thosestrategies that have created a culture of growth at Macy's - includingMy Macy's localization of our assortments and shopping experience;omnichannel integration across stores, online and mobile; and MAGICSelling and associate coaching programs to strengthen customerengagement. Bloomingdale's also enjoyed a strong quarter, both in storesand online, as customers have continued to respond to bridge anddesigner merchandise. In addition, third quarter results benefitted froma strong credit performance due to improved portfolio quality," saidTerry Lundgren, chairman, president and CEO ofMacy's Inc.

The company reported that sales for the third quarter increased 4.1% to $5.85 billion fromtotal sales of $5.62 billion in the third quarter of 2010. Same-store sales were up 4%.

For the fourth quarter, Macy's said it expects same-store sales to be up 4% to 4.5%. This translates to same-storesales for the second half of 2011 to be up 4% to 4.3%,and full-year same-store sales to be up between 4.8% and 5%. This compares with guidance provided at the beginning of theyear for 2011 same-store sales to be up by approximately 3%.

Macy's Inc. said it is increasing its full-year 2011 earnings guidance to $2.70to $2.75 per diluted share, including fourth quarter earnings guidanceof $1.52 to $1.57 per diluted share. Previous 2011 full-year guidancewas for earnings of $2.60 to $2.65 per share,and compares with initial guidance of $2.25 to $2.30 per diluted shareprovided at the beginning of the year.

Macy's Inc. operates about 850 department stores in 45 states,the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdales. That number is set to increase, as the company announced plans to to open three new Macy's stores in the Bronx borough of New York City, Bay Shore, N.Y. and Victorville, Calif.

The Bronx location will be a three-level, 160,000 sq. ft. store inside the Mall at Bay Plaza. It is expected to open in fall 2013 orspring 2014.This will be Macy's second storein The Bronx (joining Parkchester), and its first new location withinNew York City since Queens Center was opened in 1995.

The planned two-level 200,000 sq. ft. Macy' in Bay Shore will replace the existing Macy's at the South Shore mall and is expected to open in fall 2013.