Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) today reported total sales of $1.086 billion for the four weeks ended August 31, 2002. This represents a decrease of 3.8 percent from total sales of $1.129 billion for the same period last year. On a same-store basis, Federated's August sales were down 5.8 percent.
For the 30-week year to date, Federated's sales totaled $8.025 billion, a decrease of 1.8 percent compared to sales of $8.173 billion for the same period last year. On a same-store basis, Federated's year-to-date sales were down 3.3 percent.
"We obviously were disappointed with our August sales performance," said James M. Zimmerman, Federated's chairman and chief executive officer. "However, we did see some improvement in sales trends during the last two weeks of the month, including the Labor Day weekend, which gives us encouragement for achieving our plan of a 1 to 3 percent same-store sales increase for the fall season."
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 $15.6 billion. Federated currently 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. The company also operates macys.com and Bloomingdale's By Mail.
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