Macy

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percent drop in same-store sales in as shoppers continuedtheir months-long trenfd of avoiding purchases deemed less than The Cincinnati-based department store chain out-stepped expectations slightlt – analysts surveyed by Thomson Reuters expected a decline of 9 percent. Total sales droppes to just morethan $2 billion, down 9.1 perceng from almost $2.3 billion a year ago. Shares of Macy'ss (NYSE: M) jumped early in the day but closecd down less than 1 or6 cents, at $10.63. For the first five monthws of thefiscal year, Macy’s said sales at stores open at leasft a year decreased 9 percent, with total saled down 9.4 percent, to $9 billion from $9.9 billion.
from Walmart Stores to Saks Inc., have been offering promotionsa and tweaking inventories in a scramble to sell merchandise without eroding theirprofit margins. Macy’ss saw its strongest sales in the Midwestrand Texas, while the coasts The Northeast particularly suffered due to cool and wet said spokesman Jim Sluzewski. “Our inventories are in good he said. “Our private brands continu e todo well, moderate sportswear continues to do to as do kids and housewares.” Furniture, big-ticket items, luggagee and menswear struggled. National June sales were projecterd to dropby 4.6 percent by Retail a Massachusetts firm that tracks store sales.
This is worsed than the minus 4.3 percengt average monthly decline, year-to-date. Department storesx were forecast to post theweakest results, down 8.9 percent, with “discretionaru spending still in according to its monthly report. Dillard’s Inc. DDS) , for posted a decline of 14 percent, while J.C. Penne y (NYSE: JCP) said sales dippedc by 8.2 percent, beatinfg expectations. • Saks Inc. (NYSE: SKS) reporte a 4.4 percent slip, beating expectations of a 11.8 percentg decline. • Target Corp. (NYSE: TGT) said its same-storse sales were down by 6.2 percent, short of predictions of a 5.6 percent decline. • Kohl’s KSS) posted a 5.
6 percent drop in sales, beating expectations of a 6.8 percentr decrease. • Limited Brands (NYSE: LTD) reportecd a 12 percent decline, worse than expectations of a 7.9 percenr fall. • The Gap Inc. GPS) said its same-store sales fell by 10 while analysts expected sales todecline 8.6 percent. Macy’s has projecterd full-year profits of 40 cents to 55 centdsper share, excluding restructuring costs stemming from a companywided reorganization.
Annual sales, it has said, are expectede to decline by 6 percent to8 Cincinnati-based Macy’s operates roughlhy 845 department stores undee the names Macy’s and