Cincinnati Macy’s reported Tuesday that its sales for fiscal fourth quarter 2008, ended Jan. 31, were $7.934 billion, a decrease of 7.7%, compared with sales of $8.594 billion in the same period last year. Macy’s fourth quarter same-store sales were down 7.0%.
For the 52 weeks of fiscal 2008, the company’s total sales were $24.892 billion. This was a decrease of 5.4% from last year’s total sales of $26.313 billion. Similarly, the chain’s same-store sales for fiscal 2008 slipped 4.6%.
On a positive note, the chain’s online sales across macys.com and Bloomingdales.com were up 24.0% in the fourth quarter, and they increased by 29.0% for fiscal 2008.
“While 2008 results reflect the worst economic environment of our generation, we have taken aggressive action to drive sales, maintain profitability and conserve cash,” said Terry J. Lundgren, Macy’s chairman, president and CEO. “We adopted a unified operating structure, rolled out our My Macy’s localization initiative nationwide, and we are reducing expenses and capital expenditures, managing inventories conservatively, paying down debt and lowering the dividend.”
While Macy’s predicts that same-store sales will be down between 6% and 9% for the year, the company does plan to expand. It is preparing to open a new Macy’s store in Lee’s Summit, Mo., Dallas and Phoenix, respectively. It will also remodel a store in Nampa, Id., and reopen two Macy’s locations in the Houston marketplace that were damaged in Hurricane Ike.