Company Reiterates Fourth Quarter Same-Store Sales Guidance
CINCINNATI, Dec 04, 2008 (BUSINESS WIRE) -- Macy's, Inc. (NYSE:M) today reported total sales of $2.327 billion for
the four weeks ended Nov. 29, 2008, a decrease of 14.1 percent compared
to total sales of $2.707 billion in the four weeks ended Dec. 1, 2007.
On a same-store basis, Macy's, Inc. sales were down 13.3 percent in
November, consistent with previous guidance that anticipated the
negative impact of a significant shift in the retail calendar coupled
with the weak economic environment.
For the year to date, Macy's, Inc. sales totaled $19.285 billion, down
5.6 percent from total sales of $20.426 billion in the first 43 weeks of
2007. On a same-store basis, Macy's, Inc.'s year-to-date sales were down
4.8 percent.
"November ended with a strong Thanksgiving weekend, including the
largest Black Friday in the history of our company," said Terry J.
Lundgren, Macy's, Inc. chairman, president and chief executive officer.
"We are cautiously optimistic that our combination of unique
assortments, great brands and sharp values will attract customers
through the balance of the holiday shopping season as they did over
Black Friday weekend. These are extraordinary times and I am proud of
how our outstanding organization is responding to the challenge."
The company emphasized that the November-December period should be
viewed together for purposes of same-store sales comparison to last
year. Because of a dramatic year-over-year calendar shift that results
in an important post-Thanksgiving week of sales falling in December this
year versus November last year, Macy's, Inc. had previously stated that
November same-store sales were expected to be down in the low double
digits.
The company reiterated its guidance for same-store sales in the fourth
quarter (the months of November through January) to be down by 1 to 6
percent.
Macy's, Inc. noted that current borrowings against its $2 billion bank
credit agreement are expected to be paid off by the end of the current
week (Friday, Dec. 5), and no further borrowings are expected this
season. At peak, the company's fourth quarter borrowing needs were
approximately $163 million. Peak borrowing against the credit line in
last year's fourth quarter was approximately $1 billion.
Macy's, Inc., with corporate offices in Cincinnati and New York, is one
of the nation's premier retailers, with fiscal 2007 sales of $26.3
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)
SOURCE: Macy's, Inc.
Macy's, Inc.
Media - Jim Sluzewski, 513-579-7764
or
Investor - Susan Robinson, 513-579-7780
