From: ASAP
Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) reported total sales of $1.134 billion for the four weeks ended May 1, 2004, an increase in total sales of 5.5 percent compared to total sales of $1.075 billion in the same period last year. On a same-store basis, Federated's April sales were up 5.4 percent.
For the 13-week first quarter and year to date, Federated's sales totaled $3.518 billion, up 6.9 percent from total sales of $3.291 billion in the first 13 weeks of 2003. On a same-store basis, Federated's first quarter sales also were up 6.9 percent.
Terry J. Lundgren, Federated's chairman, president and chief executive officer, said the company was pleased with the strength of its April sales, fueled by continued strength in women's apparel and accessories. Lundgren also credited strengthening sales on a focused and consistent adherence to Federated's key priorities.
"We have been diligent in focusing on our four priorities - offering customers differentiated and better-edited assortments, simplifying pricing, renovating our stores with amenities that make the shopping experience more pleasant and convenient, and implementing more effective approaches to marketing," Lundgren said. "I believe a consistent and effective focus on these key priorities is responsible in large part for the stronger sales we are seeing across the company."
Looking ahead, Lundgren said Federated expects May same-store sales to be relatively flat compared to last year, reflecting a shift of sales into June because of a later Memorial Day weekend this year. Second quarter same-store sales, which will begin to be compared to strengthening sales from the prior year, are expected to increase 2-3 percent, Lundgren said.
The company is slated to report its first quarter earnings on Wednesday, May 12th.
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.
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.
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