Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) today reported total sales of $1.083 billion for the four weeks ended November 2, 2002. This represents an increase of 2.4 percent compared to total sales of $1.057 billion for the same period last year. On a same-store basis, Federated's October sales were up 0.3 percent compared to last year.
For the 13-week third quarter, Federated's sales totaled $3.481 billion, an increase of 0.2 percent compared to sales of $3.475 billion for the same period last year. On a same-store basis, Federated's third quarter sales were down 2.0 percent.
Federated's year-to-date sales totaled $10.420 billion for the first 39 weeks of 2002, a decrease of 0.9 percent compared to sales of $10.519 billion for the same period last year. On a same- store basis, Federated's year-to-date sales were down 2.6 percent.
James M. Zimmerman, Federated's chairman and chief executive officer, said the much-anticipated arrival of cold weather in many parts of the country helped October sales exceed the company's revised expectations of a 1-2 percent decline in same-store sales for the month. As a result, third quarter earnings are expected to be in the range of 36-38 cents a share, which is above the upper end of the company's prior guidance of 30-35 cents a share.
Looking ahead, Zimmerman said the company expects same-store sales in the fourth quarter to be flat to down 2 percent and earnings to be in the range of $1.95-2.05 per share, consistent with prior guidance. In the combined November-December period, same-store sales are expected to be flat to down 2.5 percent, with a 2.5 to 4.5 percent decline in November, reflecting a later Thanksgiving this year, and a December range of up 1 to down 2 percent.
Federated will report its fiscal 2002 third quarter earnings on Wednesday, November 13th. A live webcast of the third quarter earnings call with analysts can be accessed on that day via www.fds.com beginning at 10:30 a.m. ET.
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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