Thursday, May 14, 2009

Pittsburgh Gives Macy's Some Hope

Gloomy financial indicators are countered with a bright spot:

A "My Macy's" initiative to drive inventory decisions to the store level has already brought the company an uptick in sales in test districts of 2.1 percent, but nationwide results have not been tallied.

And officials say the same store sales decline tempers enthusiasm for My Macy's.

"I can't get too excited about the progress yet," said Terry J. Lundgren, president and chief executive, during a recent conference call. "Look it, I'm not satisfied at all with minus 9 results."

Lundgren then offered a perspective on what he hoped was coming to investors.

"The early pilot district of Pittsburgh performed so well in a tough market," he said. "We are completely taking market share in that marketplace."

Another harbinger of Pittsburgh fortunes?

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