Macy's Inc reported total sales of $1.976 billion for the four weeks ended June 2, 2007, a decrease of 2.3 percent compared to total sales of $2.024 billion in the same period last year.
On a same-store basis, Macy's Inc sales were down 3.3 percent in May. This compares with the company's guidance for same-store sales to be flat to down 2 percent in May, reflecting the shift of a promotional event from May last year into April this year.
For the year to date, Macy's Inc sales totaled $7.897 billion, down 0.7 percent from total sales of $7.954 billion in the first 17 weeks of 2006. On a same-store basis, Macy's Inc's year-to-date sales were down 0.5 percent.
"While we were disappointed with sales in the month of May, the increased promotional marketing support currently being implemented for the Macy's brand is expected to improve sales trends in June and July," said Terry J. Lundgren, Macy's Inc chairman, president and chief executive officer.
Macy's Inc expects same-store sales in June to be flat to down 2%. The company reported that Credit Suisse has completed the second and final portion of the previously announced accelerated share repurchase agreements.
Upon settlement of the agreements, Macy's Inc received approximately 700,000 additional shares of its common stock, resulting in a total of approximately 45.7 million shares of Macy's Inc stock being repurchased under the agreements.
Federated Department Stores Inc
marketing@alchempro.com
