Federated Department Stores reported total sales of $1.434 billion for the four weeks ended November 27, 2004, a decrease of 1.6% compared to total sales of $1.459 billion in the same period last year. On a same-store basis, Federated’s November sales were down 1.4%.
For the year to date, Federated’s sales totaled $11.991 billion, up 2.8 percent from total sales of $11.670 billion in the first 43 weeks of 2003. On a same-store basis, Federated’s year-to-date sales also were up 2.8 percent.
Terry J. Lundgren, Federated’s chairman, president and chief executive officer, said the company was disappointed by its overall November sales performance. “While we were encouraged by sales over the Thanksgiving weekend, it was not enough to offset the weakness in sales that we experienced earlier in the month,” Lundgren said.
Lundgren said the company was reaffirming its forecast for a December same-store sales increase of 1 to 3 percent, while revising downward its forecast for the fourth quarter to reflect the disappointing November results. Federated now anticipates fourth quarter same-store sales to be flat to up 1.5 percent, compared to its prior guidance of up 1.5 to 3 percent.
The company also reaffirmed its earnings guidance of $2.45 to $2.55 a share for the fourth quarter.
