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Federated's Same-Store Sales up 2.9% in May 2004

From: ASAP

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Federated Department Stores, Inc. (NYSE:FD) (PCX:FD) reported total sales of $1.172 billion for the four weeks ended May 29, 2004, an increase in total sales of 3.3 percent compared to total sales of $1.136 billion in the same period last year. On a same-store basis, Federated's May sales were up 2.9 percent.

For the year to date, Federated's sales totaled $4.689 billion, up 5.9 percent from total sales of $4.427 billion in the first 17 weeks of 2003. On a same-store basis, Federated's year-to-date sales also were up 5.9 percent.

Terry J. Lundgren, Federated's chairman, president and chief executive officer, said the company was pleased with the strength of its May sales, which exceeded expectations. Federated had projected same-store sales that were relatively flat in May, reflecting a shift of sales into June because of a later Memorial Day weekend this year.

Looking ahead, Lundgren said the company is raising its second quarter sales guidance. The company now expects same-store sales to be up 4-5 percent in the 13-week period of May through July, compared to its prior guidance of up 2-4 percent. For the month of June, Lundgren said Federated is anticipating a 4-5 percent same- store sales increase.

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 $15.2 billion. Federated operates more than 450 stores in 34 states, Guam and Puerto Rico under the names of Macy's, Bloomingdale's, Bon-Macy's, Burdines-Macy's, 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.

June 2004

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