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Federated's Same-Store Sales up 3.4% in June 2004

From: ASAP


Federated Department Stores, Inc. (NYSE:FD) (PCX:FD) reported total sales of $1.382 billion for the five weeks ended July 3, 2004, an increase in total sales of 3.4 percent compared to total sales of $1.336 billion in the same period last year. On a same-store basis, Federated's June sales also were up 3.4 percent.

For the year to date, Federated's sales totaled $6.069 billion, up 5.3 percent from total sales of $5.763 billion in the first 22 weeks of 2003. On a same-store basis, Federated's year-to-date sales also were up 5.3 percent.

Terry J. Lundgren, Federated's chairman, president and chief executive officer, said June sales were slightly below the company's forecast of a 4-5 percent same-store sales increase. Lundgren said June results reflected a slowdown in apparel sales that was particularly notable in the Northeast and Midwest, due in part to cooler-than-normal temperatures in those regions for much of the month.

Looking ahead, Lundgren said the company remains confident of its same-store sales guidance for the fall season, which is forecast to be up 1.5 to 3 percent. For July, the final month of the second quarter, the company anticipates an increase in same-store sales of 3 to 5 percent.

Federated reaffirmed its earnings guidance for the second quarter, which it had forecast to be in the range of 57-62 cents a share. For the fiscal year, the company's earnings guidance remains at $3.80 to $3.90 a share.

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. www.fds.com

This release contains certain forward-looking statements that reflect current views of the financial performance and other events of Federated. The words "may," "will," "could," "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 or outcomes could differ materially from current expectations because of a variety of factors that affect the company, including competitive pressures from specialty stores, general merchandise stores, manufacturers' outlets, off-price and discount stores, new and established forms of home shopping (including the Internet, mail-order catalogs and television) and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the SEC.

July 2004

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