Macy's reiterates fall season Same-Store sales guidance

07 Nov '08

2 min read

Macy's Inc reported total sales of $1.721 billion for the four weeks ended Nov. 1, 2008, a decrease of 6.9 percent compared to total sales of $1.849 billion in the same period last year. On a same-store basis, Macy's, Inc. sales were down 6.3 percent in October.

For the third quarter of 2008, the company's total sales were $5.500 billion, a decrease of 6.9 percent compared to total sales of $5.906 billion in the same 13-week period last year. On a same-store basis, Macy's, Inc.'s third-quarter sales were down 6.0 percent.

For the year to date, Macy's, Inc. sales totaled $16.965 billion, down 4.3 percent from total sales of $17.719 billion in the first 39 weeks of 2007. On a same-store basis, Macy's, Inc.'s year-to-date sales were down 3.5 percent.

The company reiterated its guidance for same-store sales in the fall season of 2008 (third and fourth quarters combined) to be down by 3 to 6 percent. Given third quarter results, same-store sales in the fourth quarter therefore are expected to be down by 1 to 6 percent. Because of a dramatic year-over-year calendar shift that resulted in a same-store sales increase of 13.4 percent in November 2007, the company expects a same-store decrease in the low double digits in November 2008 as a full week of sales shifts back into the December period.

Macy's, Inc, with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2007 sales of $26.3 billion. The company operates more than 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's.

Macy's Inc

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