Federated's comparable store sales rise 3.8% in August
01 Sep '06
2 min read
Federated Department Stores Inc reported total sales of $1.727 billion for the four weeks ended Aug. 26, 2006, an increase of 61.6 percent compared to total sales of $1.068 billion in the same period last year.
On a same-store basis, Federated's sales for August were up 3.8 percent. This is within the company's guidance for a same-store sales increase of 3 percent to 4 percent in August.
For the year to date, Federated's sales totaled $13.652 billion, up 63.8 percent from total sales of $8.332 billion in the first 30 weeks of 2005. On a same-store basis, Federated's year-to-date sales were up 2.4 percent.
Federated expects same-store sales to increase by 3 percent to 5 percent in September, as well as in the third quarter.
"Our business remains firmly on track heading into one of the most important milestones in our company's history," said Terry J. Lundgren, Federated's Chairman, President and Chief Executive Officer.
"We look forward to the nationwide re-launch of the Macy's brand on Sept. 9, when more than 400 former May Company locations convert to the Macy's nameplate. At that point, Macy's will deliver fashion and affordable luxury to millions of customers in new markets from coast to coast."
Federated's total sales for August and 2006 year-to-date include the May Company acquisition, which was completed Aug. 30, 2005. Federated's same-store sales include only Macy's and Bloomingdale's locations.
Excluded from Federated total sales are 77 duplicate stores where clearance sales are in progress or completed. Also excluded are the Lord & Taylor and Bridal Group divisions, which are in the process of being divested by the company and therefore are being treated as discontinued operations.
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