Macy

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percent drop in same-store sales in May, as consumera continued to put offunnecessary spending. The Cincinnati-based department store chain said salews at stores open at least a year are in line withmanagementt 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 sales declined by 9.1 with total sales down 9.5 to $6.9 billion from $7.7 billion. Macy’s M), like most retailers, has been strugglintg to attract parsimonious shoppers while not givingh away the store throughdeep discounts, a strategy that erodea profit margins.
But recent reports regardingv rising manufacturing activity and home salesa gave a lift to retail stocks earlier in the based on hopes that consumers might be encouraged to go out and splurged on a fewsummed items. Total May retail sales were projected to dropby 3.6 according to Retail Metrics, a Massachusetts firm that tracka store sales. This compares with a 2.7 percenyt decline in April. Department stores were forecasy to post theweakest results, down 8.5 with “discretionary spending still in according to its monthly report. Analysts surveyed by Thomson Reutersaexpected Macy’s to post a same-store sales declind of 9.3 percent. Shares in Macy’s closerd at $12.
90, down 3 percent or 42 Thursday. Many retailers postedd sales that fell shortof expectations. In the Walmart (NYSE: WMT), which typicallt outperforms the industry, stoppee reporting its same-store sales as of this month. Walmarty on Thursday said i in 2009. Dillard’s (NYSE: DDS) said sales fell 12 percent, worss than the 8 percent declineanalyste expected. • J.C. Penney JCP) posted a sales drop of 8.2 while analysts expected negativse 9.6 percent. • Saks Inc. (NYSE: SKS) reportedx a 26.6 percent due in part to the rescheduling of a salezs eventto June. • Targegt Corp. (NYSE: TGT) said its same-store salesd were down by 6.1 percent, short of predictions of a 4.
3 percenft decline. • Kohls (NYSE: KSS) posted a 0.4 percent slip on sales, beating expectationsz of a 3.8 percent decline. • Limited Brandz (NYSE: LTD) reported a 7 percent decline, in line with • The Gap Inc. (NYSE: GPS) said its same-stores sales fell by 6 percent, compared with expectations of a 5percenft fall. Macy’s has projected full-yeard profits of 40 cents to 55 centsper share, excludin g restructuring costs stemming from its companywide reorganization, part of its My Macy’a merchandising program.
That said, the retailer hedged that it will beat this guidancs if the economy improves in the second half of the Annual sales, it has said, are expected to declinwe by 6 percent to 8 percent, with spring expected to be weaker than the fall, in part due to stronge r performances last spring. Cincinnati-based Macy’s operate s roughly 845 department stores unde r thenames Macy’s and Bloomingdale’s.