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Federated May 2003 Sales Down 0.8 percent

From: ASAP

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Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) today reported total sales of $1.137 billion for the four weeks ended May 31, 2003. This represents a decrease of 1.2 percent from total sales of $1.150 billion for the same period last year. On a same-store basis, Federated's April sales were down 0.8 percent.

For the year to date, Federated's sales totaled $4.428 billion, down 3.8 percent from total sales of $4.603 billion in the same period last year. On a same-store basis, Federated's year-to-date sales were down 4.0 percent.

Terry J. Lundgren, Federated's president and chief executive officer, said the company's performance in May exceeded its expectations of minus 2 to minus 3 percent for the period.

Looking ahead, Federated expects same-store sales in June to be down minus 1 to minus 2 percent.

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 approximately 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-Macy's. The company also operates macys.com and Bloomingdale's By Mail.

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