Cool weather fails to hold back Macy’s Q1 profits
CINCINNATI — Macy’s reported increases in sales and income for the first quarter of 2013 compared to the same period a year earlier, despite cool weather that delayed spring shopping in key markets. Net income was $217 million, a 20% hike from $181 million in the year-ago period.
While net income slightly beat analyst predictions, same-store sales rose 3.8%, short of the 4.3% expected by analysts. Net sales totaled $6.39 billion, up 4% from $6.14 billion in the year-ago period.
“We are especially pleased with our first quarter sales and earnings performance given the challenges we overcame in this period,” said Macy’s chairman, president and CEO Terry J. Lundgren. “These included sustained, unseasonably cool spring weather in our northern climate zones.”
Lundgren added that the chain saw weakness among some of the most budget-conscious consumers, as well as among its higher household income Bloomingdale’s customers.