Macy’s eyes growth as profits lift by 50pc

MACY’S, the US department store chain, has increased its fourth-quarter profits by 50 per cent, predicting further growth this year.

The retailer, which also operates the Bloomingdale’s brand, saw sales increase to $8.27bn (£5.1bn) in the 13 weeks to 29 January this year.

Net income for the firm was $667m over the period, up from $445m a year earlier.

Cincinnati-based Macy’s recorded sales of $25bn for the full-year, up 6.4 per cent on 2009.

The retailer opened several new stores across the US, as well as a branch of Bloomingdale’s operated under licence by a third party in Dubai.

Chief executive Terry J. Lundgren said: “2010 was a very successful year for Macy’s and Bloomingdale’s based on a combination of strong sales, steady margins and continued expense discipline.

“A successful holiday selling period in 2010 reinforced the effectiveness of our talented team, our unique organisational structure and the process that has transformed Macy’s to a culture of growth.

“We believe that our company is now on a clear path that will lead to continued growth in sales, earnings and cash flow in the years ahead,” he added.