Federated Department Stores total sales were $1.382 billion for the five weeks ended July 3, 2004, an increase in total sales of 3.4 percent compared to total sales of $1.336 billion in the same period last year. On a same-store basis, Federated's June sales also were up 3.4 percent.
For the year to date, Federated's sales totaled $6.069 billion, up 5.3 percent from total sales of $5.763 billion in the first 22 weeks of 2003. On a same-store basis, Federated's year-to-date sales also were up 5.3 percent.
Terry J. Lundgren, Federated's chairman, president and chief executive officer, said June sales were slightly below the company's forecast of a 4-5 percent same-store sales increase. Lundgren said June results reflected a slowdown in apparel sales that was particularly notable in the Northeast and Midwest, due in part to cooler-than-normal temperatures in those regions for much of the month.
Looking ahead, Lundgren said the company remains confident of its same-store sales guidance for the fall season, which is forecast to be up 1.5 to 3 percent. For July, the final month of the second quarter, the company anticipates an increase in same-store sales of 3 to 5 percent.
Federated reaffirmed its earnings guidance for the second quarter, which it had forecast to be in the range of 57-62 cents a share. For the fiscal year, the company's earnings guidance remains at $3.80 to $3.90 a share.
