Federated Department Stores, Inc. reported total sales of $1.233 billion for the five weeks ended April 5, 2003. This represents a decrease of 5.9 percent from total sales of $1.309 billion for the same period last year. On a same-store basis, Federated's March sales were down 6.5 percent. For the first nine weeks of fiscal 2003, Federated's sales totaled $2.216 billion, down 6.0 percent from total sales of $2.357 billion in the same period last year. On a same-store basis, Federated's year-to-date sales were down 6.7 percent.
Terry J. Lundgren, Federated's president and chief executive officer, said that the company's March sales were disappointing, largely reflecting the impact of the war with Iraq and unseasonably cool spring weather in much of the country. Lundgren added, however, that the company expects to achieve its first quarter earnings guidance of 14-19 cents a share despite April sales that also are expected to be lower than previously anticipated.
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 $15.4 billion. Federated currently operates approximately 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-Macy's. The company also operates macys.com and Bloomingdale's By Mail.
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