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Federated Sees Further Sales, Earnings Impact from Hurricane

From: ASAP


Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) said early estimates of the impact of Hurricane Jeanne on lost sales in its Florida stores is expected to total approximately $10 million, further reducing September same-store sales by 0.7 percent and earnings by an additional 1-2 cents a share in the third quarter.

The company said that while it still is too early to precisely evaluate the total impact of Hurricane Jeanne on the business overall, it did not believe any of its Burdines-Macy's or Bloomingdale's stores in Florida were seriously damaged as a result of the weekend's storm.

Together, Hurricanes Frances and Jeanne combined to negatively impact Federated's September sales by about $30 million, decreasing same-store sales by 2.1 percent. As a result, the company now expects its same-store sales to be down slightly in September, with third quarter earnings to be negatively impacted by approximately 4-6 cents per share.

Federated reports its September sales results October 7th. Third quarter earnings are reported November 10th.

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 $15.2 billion. Federated operates more than 450 stores in 34 states, Guam and Puerto Rico under the names of Macy's, Bloomingdale's, Bon-Macy's, Burdines-Macy's, Goldsmith's-Macy's, Lazarus-Macy's and Rich's-Macy's. The company also operates macys.com and Bloomingdale's By Mail.

(NOTE: Additional information on Federated, including past news releases, is available at www.fds.com/pressroom.)

SOURCE: Federated Department Stores, Inc.

September 2004

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