Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) today reported total sales of $1.337 billion for the five weeks ended July 5, 2003. This represents a decrease of 2.2 percent from total sales of $1.367 billion for the same period last year. On a same-store basis, Federated's June sales were down 2.0 percent.
For the year to date, Federated's sales totaled $5.763 billion, down 3.5 percent from total sales of $5.970 billion in the same period last year. On a same-store basis, Federated's year-to-date sales were down 3.6 percent.
Terry J. Lundgren, Federated's president and chief executive officer, said the company's performance in June was consistent with its expectations of minus 1 to minus 2 percent for the period.
Looking ahead, Federated expects same-store sales in July to be down 1 to 2 percent from 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, The Bon Marche, Burdines, Goldsmith's, Lazarus 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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