Federated Department Stores, Inc. reported total sales of $2.29 billion for the five weeks ended April 7, 2007, an increase of 1.5% compared to total sales of $2.26 billion in the same period last year. On a same-store basis, Federated's sales for March were up 2.3%. This compares with the company's guidance for a same-store sales increase of 2.5% to 4.0% in March.
For the year to date, Federated's sales totaled $4.089 billion, up 0.8% from total sales of $4.06 billion in the first nine weeks of 2006. On a same-store basis, Federated's year-to-date sales were up 1.8%.
“March sales fell just short of our expectations in most regions across the country, largely attributable to weakness in home-related merchandise categories,” said Terry J. Lundgren, Federated's chairman, president and chief executive officer. “Unseasonably cold weather as new spring merchandise flowed into the stores in the pre-Easter period also contributed to disappointing sales in the month.”
Federated continues to expect same-store sales in April to increase by 2.5% to 4.0%. Sales in the first quarter are expected to be at the low end of previous guidance of $6 billion to $6.1 billion.
