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Federated Same-Store Sales Flat in March

From: ASAP

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Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) today reported total sales of $1.311 billion for the five weeks ended April 6, 2002, compared to total sales of $1.315 billion for the same five-week period last year. On a same-store basis, Federated's March sales were down 0.2 percent.

For the year to date, Federated's sales totaled $2.359 billion, a decrease of 1.4 percent compared to sales of $2.394 billion for the first nine weeks of last year. On a same-store basis, Federated's year-to-date sales were down 1.5 percent.

"We are pleased with our March sales performance," said James M. Zimmerman, Federated's chairman and chief executive officer. "Sales strengthened significantly in the last week of the month, which enabled us to achieve our expectations for the March period. However, because of an earlier Easter this year, we still are projecting an April same-store sales decline of 4 to 5 percent, which is consistent with prior guidance for the quarter being down 2 to 3 percent on a same-store sales basis."

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 450 stores in 34 states, Puerto Rico and Guam, under the names of Bloomingdale's, The Bon Marche, Burdines, Goldsmith's, Lazarus, Macy's and Rich's. The company also operates macys.com and Bloomingdale's By Mail.

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