Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) today reported an 8.7 percent decrease in comparable-store sales for the four weeks ended November 3, 2001. Total October sales of $1.117 billion represent a decrease of 8.9 percent from sales of $1.291 billion for the same period last year.
For the 13-week third quarter, Federated's comp-store sales decreased 8.6 percent. Third-quarter sales totaled $3.776 billion, down 10.0 percent compared to sales of $4.195 billion for the same 13-week period last year.
For the first 39 weeks of 2001, Federated's same-store sales were down 5.0 percent. Year-to-date sales totaled $11.330 billion, a decrease of 7.8 percent compared to sales of $12.292 billion for the same 39-week period last year.
James M. Zimmerman, Federated's chairman and chief executive officer, said that in light of October's results, the company still is assuming a same-store sales decline of 7-10 percent for the fourth quarter. He added, however, that "while it remains difficult to forecast with any certainty in the current economic environment, we are hopeful that we will see an improved sales trend as we move into the holiday season."
The company will report its third-quarter earnings on November 14, 2001.
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 stores in 34 states, Puerto Rico and Guam under the names of Bloomingdale's, The Bon Marche, Burdines, Goldsmith's, Lazarus, Liberty House, Macy's and Rich's, as well as macys.com, bloomingdales.com, Bloomingdale's By Mail and Fingerhut.
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