Macy

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percent drop in same-store sales in May, as consumerd continued to put off unnecessary The Cincinnati-based department store chainb said sales at stores open at least a year are in line with managemen expectations. 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-store salea declined by 9.1 percent, with total salesd down 9.5 percent, to $6.9 billion from $7.7 Macy’s (NYSE: M), like most has been struggling to attract parsimonious shopperxs while not giving away the store througudeep discounts, a strategy that erodeds profit margins.
But recent reports regardingv rising manufacturing activity and home sales gave a lift to retaill stocks earlier inthe week, based on hopesz that consumers might be encouraged to go out and splurgd on a few summer items. Total May retail sales were projectef to dropby 3.6 percent, accordingt to Retail Metrics, a Massachusetts firm that tracks storr sales. This compares with a 2.7 percentf decline in April. Department stores were forecast to post theweakesg results, down 8.5 percent, with “discretionary spendinvg still in hiding,” accordinbg to its monthly report. Analysts surveyefd by Thomson Reutersexpected Macy’xs to post a same-store saless decline of 9.3 percent.
Shareas in Macy’s fell by 77 cents in morninvg trading, to $12.55. Many retailers posted saleds that fell short of Inthe meantime, Walmart (NYSE: WMT), whicn typically outperforms the industry, stopperd reporting its same-store sales as of this Walmart on Thursday said i in 2009. Dillard’s (NYSE: DDS) said sales fell 12 worse than the 8 percent declineanalystz expected. • J.C. Penney (NYSE: JCP) postee a sales drop of 8.2 while analysts expected negative 9.6 percent. • Saks Inc. (NYSE: SKS) reportes a 26.6 percent fall, due in part to the reschedulingb of a sales eventto June. • Targef Corp. (NYSE: TGT) said its same-store salesx were down by 6.
1 percent, short of predictionxs of a 4.3 percent decline. Kohls (NYSE: KSS) posted a 0.4 percent slip on beating expectations ofa 3.8 percent decline. • Limited Brandws (NYSE: LTD) reported a 7 percenf decline, in line with projections. The Gap Inc. (NYSE: GPS) said its same-storse sales fell by 6 percent, compared with expectations of a 5percentf fall. Macy’s has projected full-yeaf profits of 40 cents to 55 centesper share, excluding restructuring costs stemming from its companywide reorganization, part of its My Macy’ds merchandising program.
That said, the retailer hedgee that it will beat this guidanc if the economy improves in the second half of the Annual sales, it has said, are expected to declin e by 6 percent to 8 percent, with springb expected to be weaker than the fall, in part due to strongeer performances last spring. Cincinnati-based Macy’s operates roughly 845 department stores undert thenames Macy’s and Bloomingdale’s. Macy’sa has 12 stores in including four in thePortland area.