Macy’s March sales better than expected on spring clothing sales

Macy’s sales climb in March

CINCINNATI — Macy’s Inc. said Thursday that its sales climbed in March as shoppers snapped up the department store’s spring clothing.

The better-than-expected month also got a boost from an early Easter holiday, executives said.

During the five-week period, sales in Macy’s locations open at least a year climbed 10.8 percent, well ahead of the 7.9 percent gain forecast by analysts surveyed by Thomson Reuters.

Sales at stores open at least a year are a key measure of retailer performance because they measure growth at existing stores rather than from newly opened ones.

Meanwhile, total sales for the period climbed 11 percent to $2.14 billion, up from $1.93 billion during the same period last year.

Macy’s, based in Cincinnati, owns 850 Macy’s and Bloomingdale’s department store chains.

“Both Macy’s and Bloomingdale’s had a very strong month and performed above our expectations across the stores and online channels,” Macy’s CEO, Chairman and President Terry J. Lundgren said in a statement.

He also cautioned the early Easter will cut into April results. He expects sales in locations open at least a year to be flat this month. For the first quarter, the measure is expected to climb about 5 percent.

Macy’s shares climbed 15 cents to $22.61 in pre-market trading Thursday.