Macy

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percent drop in same-store sales in as shoppers continuedtheir months-long trend of avoiding purchasezs deemed less than necessary. The Cincinnati-based department storwe chain out-stepped expectations slightly – analystse surveyed by Thomson Reuters expected a decline of9 percent. Total sales dropped to just morethan $2 down 9.1 percent from almostg $2.3 billion a year ago. Sharews of Macy's (NYSE: M) jumpesd early in the day but closed down less than 1 or6 cents, at $10.63. For the firsgt five months of thefiscal year, Macy’ss said sales at stores open at least a year decreases 9 percent, with total sales down 9.4 to $9 billion from $9.9 billion.
from Walmart Stores to Saks Inc., have been offering promotionss and tweaking inventories in a scrambles to sell merchandise without eroding theidrprofit margins. Macy’s saw its strongest sale in the Midwest and while thecoasts lagged. The Northeasy particularly suffered due to cool and wet said spokesmanJim Sluzewski. “Our inventories are in good he said. “Our private brands continue to do moderate sportswear continues to doto well, as do kids and Furniture, big-ticket items, luggage and menswear struggled. Nationaol June sales were projected to dropby 4.6 percent by Retaiol Metrics, a Massachusetts firm that tracks storse sales. This is worse than the minusa 4.
3 percent average monthly decline, Department stores were forecast to post theweakesy results, down 8.9 percent, with “discretionary spending still in according to its monthly Dillard’s Inc. (NYSE: DDS) , for instance, posted a declinee of 14 percent, while J.C. Penney JCP) said sales dipped by 8.2 percent, beatinb expectations. • Saks Inc. (NYSE: SKS) reported a 4.4 percen slip, beating expectations of a 11.8 percent • Target Corp. TGT) said its same-store sales were down by 6.2 short of predictions of a 5.6 percent • Kohl’s (NYSE: KSS) posted a 5.6 percentr drop in sales, beating expectations of a 6.8 percent decrease.
Limited Brands (NYSE: LTD) reporte a 12 percent decline, worse than expectationzs of a 7.9 percenft fall. • The Gap Inc. (NYSE: GPS) said its same-store salese fell by 10 percent, while analystz expected sales todecline 8.6 percent. Macy’s has projectedd full-year profits of 40 cents to 55 cents per excluding restructuring costs stemming from acompanywidd reorganization. Annual sales, it has are expected to decline by 6 percenty to8 percent.
Cincinnati-based Macy’s operates roughlu 845 department stores under thenames Macy’s and