Macy’s, Inc. (NYSE:M) today reported earnings of 80 cents per diluted share for the second quarter of 2014, ended Aug. 2, 2014. This represents an increase of 11 percent in earnings per diluted share from 72 cents in the second quarter of 2013.
Macy’s, Inc.’s diluted earnings per share in the first half of 2014 were $1.40, an increase of 10 percent compared with earnings per diluted share of $1.27 in the first half of 2013.
“Our sales trend improved at both Macy’s and Bloomingdale’s in the second quarter, reflecting a rebound in shopping activity once weather patterns normalized. We also benefitted from a shift in a major Macy’s promotional event into the first two days of the quarter. Advancements in our M.O.M. strategies – My Macy’s localization, Omnichannel integration and Magic Selling customer engagement – continued to drive sales growth across the country. We also are very pleased by customer response to improvements at our Macy’s Herald Square flagship in New York, where we are mid-way through the third year of an unprecedented remodel project,” said Terry J. Lundgren, Macy’s, Inc. chairman and chief executive officer.
“We are approaching the second half of 2014 with confident optimism in our business strategies, merchandise assortments and marketing plans, tempered with the reality that many customers still are not feeling comfortable about spending more in an uncertain economic environment,” Lundgren said. “Thus, we remain focused on outperforming our competitors through innovation in omnichannel, which has added new dimensions in how consumers can shop us and how our company can satisfy customer demand. This includes a robust Buy Online Pickup in Store process, which has been rolled out to all full-line Macy’s stores nationwide so that it is fully available this fall and into the holiday shopping season. Moreover, our Millennial strategies have sharpened our merchandising and marketing to customers in the age range of 13 to 30. This has created new positive energy as our customers begin back-to-school shopping.”