Retailer Macy's (NYSE:M) reported that total sales for five weeks ending on July 2 was $2.4 billion, an increase of 7.5% with total sales of $2.2 billion in the five weeks ended July 3, 2010. On a same-store basis, sales at Macy's were up 6.7% in June.Terry J. Lundgren, chairman, president and chief executive officer of Macy's said, "Sales growth in June exceeded our expectations. Once again, the growth came from across the company - Macy's and Bloomingdale's stores and online sites. This sales trend has validated the effectiveness of our key strategies and enhances our resolve to develop and implement new ideas to maintain the momentum as we build a culture of growth at Macy's, Inc."As of year to date, the company's sales at the store totaled $10.2 billion, up 6.6 percent from total sales of $9.6 billion in the first 22 weeks of 2010.Macy's has a potential upside of 17.1% based on a current price of $29.82 and an average consensus analyst price target of $34.92.
