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Macy's same-store sales fall in Jan
07
Feb '08
Macy's Inc reported total sales of $1.275 billion for the four weeks ended Feb. 2, 2008, compared to total sales of $1.782 billion in the five weeks ended Feb. 3, 2007. The 28.4 percent decrease in total sales was primarily attributable to one fewer week in the January 2008 calendar versus January 2007.

For the comparable four-week period (comparing the final four weeks of fiscal 2007 with the final four weeks of fiscal 2006), Macy's, Inc.'s same-store sales were down 7.1 percent in January. This is below guidance for January same-store sales to be down between 4 and 6 percent. (Editor's Note: Macy's, Inc. this afternoon also issued a separate news release announcing new initiatives to drive sales and earnings growth.)

For the 13-week fourth quarter of fiscal 2007, Macy's, Inc.'s sales totaled $8.597 billion, down 6.1 percent from total sales of $9.159 billion for the final 14 weeks of 2006. On a same-store basis, the company's fourth quarter sales were down 2.0 percent. This compares with guidance for fourth quarter sales to be in the range of down 2 percent to up 1 percent.

The company's total sales for the 52 weeks of fiscal 2007 were $26.316 billion, down 2.4 percent from total sales of $26.970 billion in the 53 weeks of fiscal 2006. On a same-store basis, Macy's, Inc.'s annual sales were down 1.3 percent.

Macy's, Inc. now expects fourth quarter earnings per diluted share to be between $1.75 and $1.80, excluding merger integration costs of approximately $70 million.

Included in fourth quarter guidance is a non-cash tax credit resulting from the settlement of the company's federal income tax examination for fiscal years 2003, 2004 and 2005. The credit, which is primarily attributable to a loss related to the disposition of a former subsidiary, will reduce income tax expense by approximately $78 million and contribute approximately 18 cents per diluted share to fourth quarter earnings.

Macy's Inc


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