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Federated's December Same-Store Sales up 1.2%

From: ASAP

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Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) reported total sales of $2.782 billion for the five weeks ended January 3, 2004, an increase in total sales of 0.4 percent compared to total sales of $2.771 billion in the same period last year. On a same-store basis, Federated's December sales were up 1.2 percent.

For the 48-week year to date, Federated's sales totaled $14.451 billion, down 1.4 percent from total sales of $14.660 billion in the same period last year. On a same-store basis, Federated's year-to-date sales were down 1.2 percent.

Terry J. Lundgren, Federated's president and chief executive officer, said the company was pleased with its December sales performance, which slightly exceeded the high end of prior guidance of same-store sales in the range of down 1 percent to up 1 percent. He said sales were stronger than anticipated in the last two weeks of the month, which more than offset the impact of snowfalls in the Northeast during the first two weeks of December.

Lundgren said the company expects same-store sales for January to be in the range of up 1 percent to down 1 percent, and he reiterated Federated's expectations for fourth quarter earnings of $2.15 to $2.20 a share.

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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