Federated Department Stores, Inc. reported total sales of $1.497 billion for the month of January, an increase of 83.1% compared to total sales of $818 million in the same period last year. On a same-store basis, Federated's January sales were up 1.0%.
For the fourth quarter of fiscal 2005, Federated's sales totaled $9.573 billion, up 87.0% from total sales of $5.120 billion in the final 13 weeks of 2004. On a same-store basis, the company's fourth quarter sales were up 1.1 percent.
For the full year, Federated's sales totaled $22.392 billion, up 41.9% from total sales of $15.776 billion in the 52 weeks of fiscal 2004. On a same-store basis, Federated's annual sales were up 1.3%.
Federated's total sales for September through January include the May Company acquisition, which was completed Aug. 30, 2005. Federated's same-store sales include only Macy's and Bloomingdale's locations. Sales from the company's Lord & Taylor and Bridal Group divisions, which the company intends to divest and are being treated as discontinued operations, are excluded from Federated total sales for all periods presented.
The company increased its guidance for earnings from continuing operations for the fourth quarter of fiscal 2005. Excluding integration-related costs, the company now expects fourth quarter earnings from continuing operations of $2.60 to $2.65 per share, compared with previous guidance of $2.25 to $2.35 per share, adjusted for the accounting of Lord & Taylor as a discontinued operation. The improvement is attributed to stronger-than-expected performance in both the Federated and former May Company divisions as well as an approximately 8 cent per share benefit from a tax settlement and other tax-related adjustments.
Federated expects same-store sales to decline by -1.5% to -0.5% in February and in the first quarter of 2006, consistent with guidance provided on Jan. 26.
