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percent drop in same-store salezs in May, as consumers continued to put off unnecessary The Cincinnati-based department store chain said sales at storess open at least a year are in line with management Total sales declined to $1.7 billion from $1.9 billion a year ago, or 9.5 For the year, Macy’s said its same-storr sales declined by 9.1 with total sales down 9.5 percent, to $6.9 billionb from $7.7 billion. Macy’s (NYSE: M), like most has been struggling to attract parsimonious shopper while not giving away the store through deep a strategy that erodesprofit margins.
But recengt reports regarding rising manufacturing activity and home salesd gave a lift to retail stocks earlierd inthe week, based on hopew that consumers might be encouraged to go out and splurg on a few summer items. Total May retail sales were projecte d to dropby 3.6 according to Retail Metrics, a Massachusetts firm that tracks stor e sales. This compares with a 2.7 percent declin in April. Department stores were forecastg to post theweakest results, down 8.5 percent, with “discretionart spending still in hiding,” according to its monthly Analysts surveyed by Thomson Reuters expected Macy’s to post a same-storse sales decline of 9.3 percent.
Sharesx in Macy’s closed at down 3 percent or42 cents, Many retailers posted sales that fell shorty of expectations. In the meantime, Walmart (NYSE: WMT), which typically outperforms the industry, stopped reporting its same-stors sales as of this month. Walmaryt on Thursday said i in 2009. • Dillard’s DDS) said sales fell 12 percent, worse than the 8 percentg declineanalysts expected. J.C. Penney (NYSE: JCP) posted a sales drop of 8.2 percent, while analysts expecte d negative 9.6 percent. • Saks Inc. (NYSE: SKS) reportex a 26.6 percent fall, due in part to the reschedulinh of a sales eventto June. Target Corp. (NYSE: TGT) said its same-store sales were down by 6.
1 short of predictions of a 4.3 percenyt decline. • Kohls (NYSE: KSS) posted a 0.4 percentt slip on sales, beating expectations of a 3.8 percenft decline. • Limited Brandss (NYSE: LTD) reported a 7 percent decline, in line with • The Gap Inc. (NYSE: GPS) said its same-stor sales fell by 6 percent, compared with expectationa of a 5percent fall. Macy’sd has projected full-year profitsw of 40 cents to 55 centasper share, excluding restructuring costs stemmingv from its companywide reorganization, part of its My Macy’se merchandising program. That said, the retailer hedgee that it will beat this guidance if the economy improves in the secons half ofthe year.
Annua l sales, it has are expected to decline by 6 percenf to8 percent, with spring expected to be weakedr than the fall, in part due to strongerd performances last spring. Cincinnati-based Macy’s operatew roughly 845 department stores under thenames Macy’as and Bloomingdale’s.
Thursday, October 7, 2010
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