Macy’s, Inc. (NYSE:M) today reported total sales of $2.274 billion for the five weeks ended Oct. 6, 2007, a decrease of 1.1 percent compared to total sales of $2.300 billion in the same period last year. On a same-store basis, Macy’s, Inc. sales were down 2.7 percent in September. This is within the company's guidance for September same-store sales to be in the range of down 1 percent to 3 percent.
For the year to date, Macy’s, Inc. sales totaled $15.873 billion, down 0.5 percent from total sales of $15.949 billion in the first 35 weeks of 2006. On a same-store basis, Macy’s, Inc.’s year-to-date sales were down 0.9 percent.
“Consumers responded positively to the launch of our exclusive Martha Stewart Collection at Macy’s in September,” said Terry J. Lundgren, chairman, president and chief executive officer of Macy’s, Inc. “Overall September sales were down, as expected, because of the comparison to a very strong Macy’s nationwide brand launch in this month last year, which included the conversion of more than 400 former May Company stores to the Macy’s nameplate, supported by intensive marketing and events at every location across the country. Sales trends this September were negatively impacted by unseasonably warm weather in the Northeast and Midwest.”
Macy’s, Inc. expects same-store sales in October in the range of down 1 percent to up 2 percent. The company continues to expect same-store sales in the range of down 1 percent to up 1 percent for the third quarter of 2007.
Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2006 sales of $27 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. The company also operates macys.com, bloomingdales.com and Bloomingdale's By Mail. Prior to June 1, 2007, Macy's, Inc. was known as Federated Department Stores, Inc.
All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, prevailing interest rates, competitive pressures from specialty stores, general merchandise stores, manufacturers' outlets, off-price and discount stores, new and established forms of home shopping (including the Internet, mail-order catalogs and television) and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission.
(NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom)
Contacts:
Media - Jim
Sluzewski, 513-579-7764
Investor - Susan Robinson,
513-579-7780
