Cincinnati and New York City — Macy’s Inc.’s fiscal fourth-quarter profit has grown 50%, allowing the department store giant to move forward with growth plans in 2011.
Cincinnati and New York City — After Macy’s saw its fiscal fourth-quarter profit grow 50%, the department store giant predicts continued momentum in 2011, including moving forward with additional growth plans. In February 2010, Macy’s opened its first international location with a Bloomingdale’s store in Dubai, United Arab Emirates, and this year the retailer is considering expanding both its Bloomingdale’s and Macy’s brands in additional markets overseas. In the U.S., Macy’s plans to open three Bloomingdale’s outlet stores in 2011, adding to the four new Bloomingdale’s Outlet stores the company opened in fiscal 2010.
The company, which is assuming same-store sales growth of approximately 3% in fiscal 2011, also plans to spend approximately $800 million on new technology and store remodels this year.
Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2010 sales of $25 billion. The company operates about 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy’s and Bloomingdale’s, as well as the macys.com and bloomingdales.com websites. The company also operates four Bloomingdale’s outlet stores.