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Federated Sales Update

From: ASAP


Beginning September 11, Federated's sales have run approximately $110 million or 20 percent below plan, with the company's two Manhattan flagship stores - Bloomingdale's 59th Street and Macy's Herald Square - running approximately 40 percent below plan. During the past week, total company sales ran about 15 percent below plan. While it still is difficult to estimate the ongoing trend, Federated's best estimate is that September's comparable- store sales will decline 15-20 percent.

It also is very difficult in the current environment to forecast sales for the remainder of the year. However, unless trends change dramatically, which does not appear likely, earnings estimates for the year will have to be adjusted downward. Revised earnings guidance for 2001 will be provided when the company has completed its assessment for the balance of the year.

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 $18.4 billion. Federated currently operates more than 450 department 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, as well as macys.com, bloomingdales.com and Bloomingdale's By Mail. Federated also operates the Fingerhut subsidiary.

(NOTE: This statement contains certain forward-looking statements that reflect current views of the financial performance and future events of Federated. The words " 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 of the operations of Federated could differ materially from historical results or current expectations due to a variety of factors that affect the company, including competitive pressures from specialty stores, general merchandise stores, manufactures' outlets, off-price and discount stores, new and established forms of home shopping (including the internet, mail-order catalogues and television) and general consumer spending levels, including the impact of the availability and level of consumer debt, and the effect of weather.)

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