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Macy's CFO: Online Business Improving

Macy's CFO: Online Business Improving

Macy's reported recently that its first-quarter profits rose 38 percent, which was higher than anticipated, largely due to its continued efforts to adapt its products to the local markets it serves, The Associated Press reports.

In a conference call with investors to discuss the earnings, Macy's CFO Karen Hoguet discussed how the company's online operations have been improving, noting that they now account for 7 percent of its total business. Overall, online sales climbed 33.7 percent during the first quarter.

During the conference call, Hoguet said that the online business has become increasingly effective in terms of satisfying customer demand.

"It is really very exciting to watch," the finance chief said. "We now have over 80 stores equipped to fulfill orders from other stores or from online demand, and by the holiday season, we will have over 290 store fulfillment locations. We think the sales potential from this omni-channel approach is enormous."

Bloomberg reports shares of Macy's fell despite the bigger-than-expected profit, as the company kept its full-year profit forecast below analysts' expectations.