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Online sales give Macy's a big boost in Q1

CINCINNATI — Macy's Inc. reported a significant increase in sales for the first quarter, thanks to a strong performance in its online business. The company reported that total sales for the quarter increased 4.3% to $6.1 billion. Online sales for the quarter increased 33.7% and contributed 1.5 percentage points to the company's same-store sales increase of 4.4% for the period.

Macy's Inc. reported an earnings increase of 43% to 43 cents per diluted share, compared with 30 cents per diluted share in the same period last year.

In the first quarter of 2012, Macy's opened new stores in Salt Lake City, Utah, and Greendale, Wis.

"The momentum in our business at Macy's and Bloomingdale's continued to build in the first quarter, with sales and earnings that exceeded our expectations going into the year. The quarterly data clearly demonstrates the strength of our results as we continue to implement our key strategies - My Macy's merchandise localization; omnichannel integration of stores, online and mobile; and MAGIC Selling for enhanced customer engagement," said Terry Lundgren, Macy's Inc. chairman, president and CEO.

Macy's Inc. is now expecting same-store sales for fiscal 2012 to increase by approximately 3.7%, slightly higher than previous guidance for a same-stores sales increase of approximately 3.5% in fiscal 2012. The company reiterates its guidance for earnings per diluted share in fiscal 2012 of $3.25 to $3.30.