Macy's Inc Chief Executive Officer Terry Lundgren told shareholders that rebounding sales at the retailer's upscale Bloomingdale's chain and a focus on private brands and exclusives had spurred results of late and would continue to do so.
Last year, more than 42 percent of Macy's sales came from private brands, as well as those that are exclusive, Lundgren said, speaking at the department store operator's annual shareholder meeting in Cincinnati on Friday.
This percentage will be growing in the years ahead.
Lundgren also said Bloomingdale's has rebounded as a leading upscale retailer, and the planned openings of four Bloomingdale's outlets would begin in late summer.
Earlier this week, the retailer reported improved quarterly profit on the strength of a rebound in consumer spending and its efforts to cater merchandise to local tastes.
Its sales during the first quarter rose 7.2 percent to $5.57 billion, buoyed by a 5.5 percent increase in sales at its stores open at least a year.
The company operates about 850 department stores in North America under the Macy's and Bloomingdale's names.
Macy's shares were down 3.2 percent at $22.72 in midday New York Stock Exchange trading.
(Reporting by Phil Wahba; Editing by Lisa Von Ahn)