Macy’s Q2 profit soars, ups outlook
Cincinnati Macy’s net income surged in the second quarter as the chain saw a payoff from its focus on exclusive moderately priced fashions and tailoring its assortments to local markets. Based on strong revenue expectations, Macy’s boosted its full-year profit forecast.
The chain posted net income of $147 million for the period ended July 31, compared with $7 million in the same period last year. Revenue rose 7.2% to $5.54 billion. Same-store sales were up 4.9%.
In recent months, Macy’s has emerged as a winner, particularly in the important battle for back-to-school consumers.
“We believe our business is beginning to hit its stride after implementing significant structural and organizational changes over the past two years,” Terry J. Lundgren, Macy’s chairman, president and CEO, said in a statement. “While the economic environment remains uncertain, Macy’s and Bloomingdale’s have a terrific opportunity to continue to take market share and grow our business profitably.”
Macy’s has greatly benefited from its localization plan, Lundgren said. The program, dubbed My Macy’s, puts decisions on what merchandise to stock closer to customers. It has also put more experienced workers on its sales floor.
JCPenney home office earns LEED award
PLANO, Texas JCPenney announced that it has been awarded a Leadership in Energy and Environmental Design (LEED) for Existing Buildings Gold certification by the U.S. Green Building Council (USGBC) for its home office campus located in Plano, Texas. The 1.9 million square-foot building serves as a workplace for more than 5,500 associates and is the third largest campus facility in the nation to receive this designation, the company reported.
Over the last five years, JCPenney said it has addressed areas related to energy and water savings, indoor environmental quality and recycling waste by implementing nearly 40 sustainable improvements at its home office.
“As an environmentally-conscious retailer, JCPenney made a concerted effort to take a hands-on approach to making the improvements needed to achieve these LEED certifications,” said Mike Theilmann, chief human resources and administration officer for JCPenney. “While purchasing renewable energy credits is an easier way to go ‘green,’ we chose to examine our operations and institute meaningful changes that will advance the Company’s goal to reduce energy usage 20% by 2015.”
Hip Hop legends featured on Def Jam game soundtrack
NEW YORK and EL SEGUNDO, Calif. 4mm Games, Terminal Reality and Def Jam Interactive have announced additional tracks from such artist as Public Enemy, Nas and DJ Khaled available in Def Jam Rapstar, the first true interactive Hip Hop music game experience coming Oct. 5 to the Xbox 360 video game and entertainment system from Microsoft, PlayStation3 computer entertainment system and Wii.
Co-published by Konami Digital Entertainment Inc. and Autumn Games, Def Jam Rapstar will offer a software only version of the game that will retail for $59.99 for the Xbox 360 and PlayStation3 and $49.99 on Wii, as well as a bundled version that will include software and one wired microphone for $69.99 for the Xbox 360 and PlayStation3 and for $59.99 on Wii.