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U.S. markets recover from steep losses
CINCINNATI, April 4 (UPI) -- U.S. department-store company Federated Department Stores Inc. said Wednesday it would spend $100 million on Web site and other direct-to-consumer marketing.
"Our online sales continue to grow at a rapid pace as the national expansion of Macy's and Bloomingdale's attracts new customers to our stores, Web sites and catalog," Chairman and Chief Executive Terry Lundgren said in a statement.
Federated's Web sites include macys.com, bloomingdales.com, macysweddingchannel.com and bloomingdalesweddingchannel.com. Its Bloomingdale's by Mail is also a direct-to-consumer business.
Lundgren said the company saw exceptional growth in online sales in new Macy's markets, including Illinois, Michigan, Minnesota, Missouri, Oklahoma, Texas and Utah.
Federated, of Cincinnati, bought May Department Stores Co. of St. Louis in 2005. It rebranded those stores, including Chicago's famous Marshall Field's, under the Macy's nameplate last September.
Federated expects its direct-to consumer revenues to top $1 billion by 2008, up from about $620 million in 2006, Lundgren said.
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