However, in its earnings release distributed this morning, Macy’s Inc. boasted that its comp store sales were up 1.9% for the year. And when you throw in sales from departments licensed to third parties, 2013 sales on a comparable basis were up 2.8%.
Macy’s Inc. licenses third parties to operate certain departments in its stores and receives commissions from these third parties based on a percentage of their net sales. Neither the licensed department sales nor the commissions received are included in the calculation of comparable sales.
Macy’s Inc. also gave itself a pat on the back for its 16% earnings per share increase.
Macy’s Inc. did not have a happy holiday season. Sales in the 13-week fourth quarter of 2013 totaled $9.202 billion, down 1.6% from total sales of $9.350 billion in the 14-week fourth quarter of 2012.