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Macy's year-to-date sales down
Jan '08
Macy's Inc reported total sales of $4.624 billion for the five weeks ended Jan. 5, 2008, a decrease of 7.4 percent compared to total sales of $4.995 billion in the five weeks ended Dec. 30, 2006. On a same-store basis, Macy's Inc. sales were down 7.9 percent in December. This is below guidance for December same-store sales to be down between 4 and 7 percent.

For the November-December period combined, Macy's Inc's same-store sales were down 1.1 percent. This is consistent with guidance for the company's fourth quarter same-store sales to be in the range of down 2 percent to up 1 percent.

For the year to date, Macy's, Inc. sales totaled $25.051 billion, down 0.5 percent from total sales of $25.188 billion in the first 48 weeks of 2006. On a same-store basis, Macy's, Inc.'s year-to-date sales were down 1.0 percent.

"Given the calendar shift between November and December, we noted previously that the two-month holiday selling period needed to be viewed together rather than each month individually," said Terry J. Lundgren, Macy's Inc chairman, president and chief executive officer. "After a strong November, we had hoped that a more positive sales trend would continue through December.

But macroeconomic trends led customers to spend cautiously for the holiday. That said, we remain on track to be within our guidance for same-store sales in the fourth quarter, albeit at the low end of the range of down 2 percent to up 1 percent."

The company expects January same-store sales to be down by 4 to 6 percent compared with last year.

Macy's Inc

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