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Federated November Sales 2002

From: ASAP

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Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) reported total sales of $1.473 billion for the four weeks ended November 30, 2002. This represents a 5.8 percent decline from total sales of $1.564 billion for the same period last year, during which Thanksgiving fell a week earlier in the calendar. On a same-store basis, Federated's November sales were down 7.4 percent.

Federated's year-to-date sales totaled $11.891 billion for the first 43 weeks of 2002, a decrease of 1.6 percent compared to sales of $12.083 billion for the same period last year. On a same- store basis, Federated's year-to-date sales were down 3.2 percent.

James M. Zimmerman, Federated's chairman and chief executive officer, said the company was pleased with its sales performance over the Thanksgiving weekend, which exceeded both recent trends and prior expectations, but was disappointed with sales for the month as a whole.

"It is difficult to forecast December sales on the basis of what we have seen in November because while Thanksgiving weekend was strong, sales earlier in the month were weaker than expected," Zimmerman said. "Therefore, at this point we are anticipating sales at the lower end of our expectations for the combined November-December holiday period."

Federated's previously issued guidance for the November-December period is for same-store sales to be flat to down 2.5 percent. If same-store sales in December are flat, the company would achieve the low end of that range.

Federated, with corporate offices in Cincinnati and New York, is one of the nation's leading department store retailers, with annual sales of more than $15.6 billion. Federated currently operates more than 460 stores in 34 states, Guam and Puerto Rico, under the names of Macy's, Bloomingdale's, The Bon Marche, Burdines, Goldsmith's, Lazarus and Rich's. The company also operates macys.com and Bloomingdale's By Mail.

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