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Federated May Sales 2002

From: ASAP

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Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) today reported total sales of $1.150 billion for the four weeks ended June 1, 2002. This represents a decrease of 0.8 percent from total sales of $1.159 billion for the same period last year. On a same-store basis, Federated's May sales were down 3.4 percent.

For the 17-week year to date, Federated's sales totaled $4.603 billion, a decrease of 2.4 percent compared to sales of $4.715 billion for the same period last year. On a same-store basis, Federated'syear-to-date sales were down 3.1 percent.

"The end of the month was a disappointment, and the exceptionally cool weather that much of the country has been experiencing probably is a large part of the reason for this negative performance," said James M. Zimmerman, Federated's chairman and chief executive officer. "We are hopeful our sales trends will improve now that more seasonable weather finally has arrived."

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, 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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