December Same-Store Sales Fall 7.9% Following a 13.4% Increase in
November; Combined November-December is Consistent with 4Q Same-Store
Sales Guidance
CINCINNATI--(BUSINESS WIRE)--Jan. 10, 2008--Macy's, Inc. (NYSE:M)
today reported total sales of $4.624 billion for the five weeks ended
Jan. 5, 2008, a decrease of 7.4 percent compared to total sales of
$4.995 billion in the five weeks ended Dec. 30, 2006. On a same-store
basis, Macy's, Inc. sales were down 7.9 percent in December. This is
below guidance for December same-store sales to be down between 4 and
7 percent.
For the November-December period combined, Macy's, Inc.'s
same-store sales were down 1.1 percent. This is consistent with
guidance for the company's fourth quarter same-store sales to be in
the range of down 2 percent to up 1 percent.
For the year to date, Macy's, Inc. sales totaled $25.051 billion,
down 0.5 percent from total sales of $25.188 billion in the first 48
weeks of 2006. On a same-store basis, Macy's, Inc.'s year-to-date
sales were down 1.0 percent.
"Given the calendar shift between November and December, we noted
previously that the two-month holiday selling period needed to be
viewed together rather than each month individually," said Terry J.
Lundgren, Macy's, Inc. chairman, president and chief executive
officer. "After a strong November, we had hoped that a more positive
sales trend would continue through December. But macroeconomic trends
led customers to spend cautiously for the holiday. That said, we
remain on track to be within our guidance for same-store sales in the
fourth quarter, albeit at the low end of the range of down 2 percent
to up 1 percent."
The company expects January same-store sales to be down by 4 to 6
percent compared with last year.
Macy's, Inc., with corporate offices in Cincinnati and New York,
is one of the nation's premier retailers, with fiscal 2006 sales of
$27 billion. The company operates more than 850 department stores in
45 states, the District of Columbia, Guam and Puerto Rico under the
names of Macy's and Bloomingdale's. The company also operates
macys.com, bloomingdales.com and Bloomingdale's By Mail. Prior to June
1, 2007, Macy's, Inc. was known as Federated Department Stores, Inc.
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements
are based upon the current beliefs and expectations of Macy's
management and are subject to significant risks and uncertainties.
Actual results could differ materially from those expressed in or
implied by the forward-looking statements contained in this release
because of a variety of factors, including conditions to, or changes
in the timing of, proposed transactions, prevailing interest rates,
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 Securities and Exchange Commission.
(NOTE: Additional information on Macy's, Inc., including past news
releases, is available at www.macysinc.com/pressroom)
CONTACT: Macy's, Inc.
Media - Jim Sluzewski, 513-579-7764
Investor - Susan Robinson, 513-579-7780
SOURCE: Macy's, Inc.
