Macy's, Inc. Same-Store Sales Down 6.1% in November
Company Reaffirms Previous Guidance for Q4 Sales and Earnings
CINCINNATI--(BUSINESS WIRE)-- Macy's, Inc. (NYSE: M) today reported total sales of $2.177 billion for the four weeks ended Nov. 28, 2009, a decrease of 6.3 percent compared with total sales of $2.324 billion in the four weeks ended Nov. 29, 2008. On a same-store basis, Macy's, Inc. sales were down 6.1 percent in November.
The company noted that it had expected year-over-year sales comparisons to be weaker for November than for December, and that the two-month holiday selling period should be viewed together. December 2009 includes one additional selling day before Christmas. Moreover, the company anticipated some shift of holiday sales into December as the result of an earlier Friends & Family event, which was moved up to the first week of December and promoted prior to Thanksgiving. This shift caused some customers to postpone purchases and dampened Thanksgiving Weekend sales, which were below expectations despite strong customer traffic early on Black Friday. In addition, weather throughout November was unseasonably warm, negatively impacting the sale of coats, sweaters and other winter merchandise during the month.
The company reaffirmed its previously provided guidance for fourth quarter sales and earnings. Macy's, Inc. expects fourth quarter same-store sales to be down 1 percent to 2 percent and earnings per share on a diluted basis to be $1.00 to $1.05, excluding restructuring-related costs.
For the year to date, Macy's, Inc. sales totaled $17.817 billion, down 7.6 percent from total sales of $19.282 billion in the first 43 weeks of 2008. On a same-store basis, Macy's, Inc.'s year-to-date sales were down 7.3 percent.
Macy's, Inc.'s online sales continued to be strong in November, reflecting the company's multichannel integration strategies. Online sales (macys.com and bloomingdales.com combined) were up 22.6 percent in November 2009 and 16.5 percent for the year to date. Online sales are included in the same-store sales calculation for Macy's, Inc.
Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2008 sales of $24.9 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 and bloomingdales.com. 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, changes in expected synergies, cost savings and non-recurring charges, 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.
Released December 3, 2009