From: ASAP
Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) today reported total sales of $2.772 billion for the five weeks ended January 4, 2003. This represents a 0.8 percent decline from total sales of $2.794 billion for the same period last year. On a same-store basis, Federated's December sales were down 2.6 percent.
For the combined November-December period, Federated reported total sales of $4.243 billion, a decline of 2.6 percent from total sales of $4.358 billion in the same nine-week period last year. On a same-store basis, the company's sales declined 4.4 percent in November-December.
Federated's year-to-date sales totaled $14.661 billion for the first 48 weeks of 2002, a decrease of 1.5 percent compared to sales of $14.877 billion for the same period last year. On a same- store basis, Federated's year-to-date sales were down 3.1 percent.
James M. Zimmerman, Federated's chairman and chief executive officer, said that although sales for the holiday season were below expectations, the company is reaffirming its fourth-quarter earnings at the lower end of the previously announced guidance of $1.95-$2.05 per share, excluding the impact of potential year-end store closings.
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