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Federated's November 2003 Same-Store Sales

From: ASAP

Comments

Federated Department Stores, Inc. (NYSE:FD) (PCX:FD) today reported total sales of $1.460 billion for the four weeks ended November 29, 2003, a decrease of 0.8 percent compared to total sales of $1.471 billion in the same period last year. On a same-store basis, Federated's November sales were essentially flat at down 0.1 percent.

For the year to date, Federated's sales totaled $11.671 billion, down 1.8 percent from total sales of $11.889 billion in the first 43 weeks of 2002. On a same-store basis, Federated's year-to-date sales also were down 1.8 percent.

Terry J. Lundgren, Federated's president and chief executive officer, said the company's November sales were consistent with the company's prior guidance of same-store sales in the range of down 1 percent to up 1 percent. He added that the company continues to expect this range of same-store sales for December and the fourth quarter overall.

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 $15.4 billion. Federated operates more than 460 stores in 34 states, Guam and Puerto Rico under the names of Macy's, Bloomingdale's, Bon-Macy's, Burdines, Goldsmith's- Macy's, Lazarus-Macy's and Rich's-Macy's. The company also operates macys.com and Bloomingdale's By Mail.

This release contains certain forward-looking statements that reflect current views of the financial performance and other events of Federated. The words "may," "will," "could," "expect," "plan," "anticipate," "believe" and other similar expressions identify forward-looking statements. Any such forward-looking statements are subject to risks and uncertainties. Future results or outcomes could differ materially from current expectations because of a variety of factors that affect the company, including competitive pressures from specialty stores, general merchandise stores, manufacturers' outlets, off-price and discount stores, new and established forms of home shopping (including the Internet, mail-order catalogs and television) and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the SEC.

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