Federated Department Stores reported total sales of $1.134 billion for the four weeks ended May 1, 2004, an increase in total sales of 5.5% compared to total sales of $1.075 billion in the same period last year. On a same-store basis, Federated's April sales were up 5.4%.
For the 13-week first quarter and year to date, Federated's sales totaled $3.518 billion, up 6.9 percent from total sales of $3.291 billion in the first 13 weeks of 2003. On a same-store basis, Federated's first quarter sales also were up 6.9 percent.
Terry J. Lundgren, Federated's chairman, president and chief executive officer, said the company was pleased with the strength of its April sales, fueled by continued strength in women's apparel and accessories. Lundgren also credited strengthening sales on a focused and consistent adherence to Federated's key priorities.
“We have been diligent in focusing on our four priorities – offering customers differentiated and better-edited assortments, simplifying pricing, renovating our stores with amenities that make the shopping experience more pleasant and convenient, and implementing more effective approaches to marketing,” Lundgren said. “I believe a consistent and effective focus on these key priorities is responsible in large part for the stronger sales we are seeing across the company.”
Looking ahead, Lundgren said Federated expects May same-store sales to be relatively flat compared to last year, reflecting a shift of sales into June because of a later Memorial Day weekend this year. Second quarter same-store sales, which will begin to be compared to strengthening sales from the prior year, are expected to increase 2-3 percent, Lundgren said.
