Dominion Lending Centres Clearlease Reports Macy’s 1Q earnings soar on rising sales; department store chain boosts outlook and dividend
VANCOUVER, BC – (May 11, 2011) Clearlease Reports Macy’s Inc.’s first-quarter earnings soared because of rising revenue, tight expense controls and its efforts to tailor merchandise by region.
The department store chain also said Wednesday that it is doubling its quarterly dividend and raising its full-year earnings and sales outlook.
Macy’s reported net income of $131 million, or 30 cents per share, in the three months ended April 30. That compares with $23 million, or 5 cents per share, in the same quarter last year.
Revenue reached $5.88 billion, up 5.7 per cent.
Revenue at stores open at least a year rose 5.4 per cent. The measure is a key indicator of a retailer’s health because it excludes stores that opened or closed during the year.
Analysts expected earnings of 18 cents on revenue of $5.89 billion, according to FactSet.
“We are building a culture of growth at Macy’s,” Terry J. Lundgren, chairman, president and CEO, said in a statement. “Our performance cannot be attributed to a single factor, but rather to the co-ordinated execution of a series of complementary … strategies.”
Macy’s has taken business from competitors in part by tailoring stock in each store to its region and by placing more emphasis on exclusive brands such as Material Girl from Madonna and her daughter Lourdes. The company gets about 43 per cent of its revenue from private, exclusive and limited-distribution brands.
Macy’s now expects revenue at stores open at least a year to be in the range of about 4 per cent for the rest of fiscal 2011. Combined with actual first-quarter figures, that would calculate to growth of about 4.3 per cent for the fiscal year. The previous outlook called for 3 per cent.
Earnings per share are now expected to be between $2.40 and $2.45 per share, compared with $2.25 to $2.30 per share previously. Analysts had expected $2.34 per share, according to Factset.
Macy’s said that based on “the strength, momentum and confidence in our business,” it’s doubling its quarterly dividend to 10 cents payable July 1 to shareholders on record June 14.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
VANCOUVER, BC – (May 11, 2011) Clearlease Reports Macy’s Inc.’s first-quarter earnings soared because of rising revenue, tight expense controls and its efforts to tailor merchandise by region.
The department store chain also said Wednesday that it is doubling its quarterly dividend and raising its full-year earnings and sales outlook.
Macy’s reported net income of $131 million, or 30 cents per share, in the three months ended April 30. That compares with $23 million, or 5 cents per share, in the same quarter last year.
Revenue reached $5.88 billion, up 5.7 per cent.
Revenue at stores open at least a year rose 5.4 per cent. The measure is a key indicator of a retailer’s health because it excludes stores that opened or closed during the year.
Analysts expected earnings of 18 cents on revenue of $5.89 billion, according to FactSet.
“We are building a culture of growth at Macy’s,” Terry J. Lundgren, chairman, president and CEO, said in a statement. “Our performance cannot be attributed to a single factor, but rather to the co-ordinated execution of a series of complementary … strategies.”
Macy’s has taken business from competitors in part by tailoring stock in each store to its region and by placing more emphasis on exclusive brands such as Material Girl from Madonna and her daughter Lourdes. The company gets about 43 per cent of its revenue from private, exclusive and limited-distribution brands.
Macy’s now expects revenue at stores open at least a year to be in the range of about 4 per cent for the rest of fiscal 2011. Combined with actual first-quarter figures, that would calculate to growth of about 4.3 per cent for the fiscal year. The previous outlook called for 3 per cent.
Earnings per share are now expected to be between $2.40 and $2.45 per share, compared with $2.25 to $2.30 per share previously. Analysts had expected $2.34 per share, according to Factset.
Macy’s said that based on “the strength, momentum and confidence in our business,” it’s doubling its quarterly dividend to 10 cents payable July 1 to shareholders on record June 14.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
Dominion Lending Centres Clearlease Reports Macy’s 1Q earnings soar on rising sales; department store chain boosts outlook and dividend
VANCOUVER, BC – (May 11, 2011) Clearlease Reports Macy’s Inc.’s first-quarter earnings soared because of rising revenue, tight expense controls and its efforts to tailor merchandise by region.
The department store chain also said Wednesday that it is doubling its quarterly dividend and raising its full-year earnings and sales outlook.
Macy’s reported net income of $131 million, or 30 cents per share, in the three months ended April 30. That compares with $23 million, or 5 cents per share, in the same quarter last year.
Revenue reached $5.88 billion, up 5.7 per cent.
Revenue at stores open at least a year rose 5.4 per cent. The measure is a key indicator of a retailer’s health because it excludes stores that opened or closed during the year.
Analysts expected earnings of 18 cents on revenue of $5.89 billion, according to FactSet.
“We are building a culture of growth at Macy’s,” Terry J. Lundgren, chairman, president and CEO, said in a statement. “Our performance cannot be attributed to a single factor, but rather to the co-ordinated execution of a series of complementary … strategies.”
Macy’s has taken business from competitors in part by tailoring stock in each store to its region and by placing more emphasis on exclusive brands such as Material Girl from Madonna and her daughter Lourdes. The company gets about 43 per cent of its revenue from private, exclusive and limited-distribution brands.
Macy’s now expects revenue at stores open at least a year to be in the range of about 4 per cent for the rest of fiscal 2011. Combined with actual first-quarter figures, that would calculate to growth of about 4.3 per cent for the fiscal year. The previous outlook called for 3 per cent.
Earnings per share are now expected to be between $2.40 and $2.45 per share, compared with $2.25 to $2.30 per share previously. Analysts had expected $2.34 per share, according to Factset.
Macy’s said that based on “the strength, momentum and confidence in our business,” it’s doubling its quarterly dividend to 10 cents payable July 1 to shareholders on record June 14.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk