Federated March sales fall in most regions

13 Apr '07

2 min read

Federated Department Stores Inc reported total sales of $2.288 billion for the five weeks ended April 7, 2007, an increase of 1.5 percent compared to total sales of $2.255 billion in the same period last year.

On a same-store basis, Federated's sales for March were up 2.3 percent. This compares with the company's guidance for a same-store sales increase of 2.5 percent to 4 percent in March.

For the year to date, Federated's sales totaled $4.089 billion, up 0.8 percent from total sales of $4.055 billion in the first nine weeks of 2006. On a same-store basis, Federated's year-to-date sales were up 1.8 percent.

"March sales fell just short of our expectations in most regions across the country, largely attributable to weakness in home-related merchandise categories," said Terry J. Lundgren, Federated's chairman, president and chief executive officer.

"Unseasonably cold weather as new spring merchandise flowed into the stores in the pre-Easter period also contributed to disappointing sales in the month."

Federated continues to expect same-store sales in April to increase by 2.5 percent to 4 percent. Sales in the first quarter are expected to be at the low end of previous guidance of $6 billion to $6.1 billion.

The company will host a presentation to analysts and investment professionals from 9:30 a.m. to 12:30 p.m. ET on April 24 in New York City.

A webcast of the presentation will be accessible to the media and general public in real time via the company's Web site at www.fds.com. The webcast will be archived for replay within 24 hours of the conclusion of the presentation.

Federated Department Stores Inc

More Federated Department Stores Inc News... More Textiles News - United States Of America...