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Federated's August Same-Store Sales Down 0.8%; Sales Exceed Monthly Forecast Despite Impact of East Coast Blackout

From: ASAP

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Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) today reported total sales of $1.078 billion for the four weeks ended August 30, 2003. This represents a decrease of 0.6 percent from total sales of $1.084 billion in the same period last year. On a same-store basis, Federated's August sales were down 0.8 percent.

For the year to date, Federated's sales totaled $7.803 billion, down 2.7 percent from total sales of $8.023 billion in the first 30 weeks of 2002. On a same-store basis, Federated's year-to-date sales were down 2.8 percent.

Terry J. Lundgren, Federated's president and chief executive officer, said the company was pleased by the strength of its August's sales, which exceeded prior forecasts. Lundgren noted that Federated's same-store sales would have been flat in August - - a full 1-2 percent better than forecasted -- were it not for the power outage that shuttered businesses in the Northeast for several days beginning August 14.

Looking ahead, Federated said it expects same-store sales in September to be flat to down 1 percent compared to last year's levels.

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 450 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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