Federated Department Stores, Inc. reported total sales of $1.078 billion for the four weeks ended August 30, 2003. This represents a decrease of 0.6 percent from total sales of $1.084 billion in the same period last year. On a same-store basis, Federated's August sales were down 0.8 percent.
For the year to date, Federated's sales totaled $7.803 billion, down 2.7 percent from total sales of $8.023 billion in the first 30 weeks of 2002. On a same-store basis, Federated's year-to-date sales were down 2.8 percent.
Terry J. Lundgren, Federated's president and chief executive officer, said the company was pleased by the strength of its August's sales, which exceeded prior forecasts. Lundgren noted that Federated's same-store sales would have been flat in August — a full 1-2 percent better than forecasted — were it not for the power outage that shuttered businesses in the Northeast for several days beginning August 14.
Looking ahead, Federated said it expects same-store sales in September to be flat to down 1 percent compared to last year's levels.
