Expenditures likely will remain below historic levels, though more than is being spent this fiscal year, said Terry J. Lundgren, Macy's, Inc. chairman, president and CEO. But supporting its websites, Macys.com and Bloomingdales.com has been "an important investment."
"We'll continue to upgrade our stores," Lundgren said. "But over time, new store sites and new mall construction sites will take longer to become a reality."
During the quarter, the company opened one new Macy's store in metro Phoenix.
Sales for the first quarter totaled $5.2 billion, down 9.5% from the first quarter of 2008. Same-store sales were down 9%. Online sales (macys.com and bloomingdales.com combined) rose 16.2%. The company posted a net loss of $88 million, vs. a loss of $59 million in the prior-year quarter.
Macy's Inc. operates more than 840 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's.
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