Federated Department Stores, Inc. reported total sales of $2.257 billion for the month ended April 1, 2006, an increase of 64.7% compared to total sales of $1.371 billion in the same period last year. On a same-store basis, Federated's March sales were flat, which is consistent with the company's guidance of flat to +1%.
For the year to date, Federated's sales totaled $4.057 billion, up 64.4% from total sales of $2.468 billion in the first nine weeks of 2005. On a same-store basis, Federated's year-to-date sales were up 0.4%.
Federated's total March and year-to-date sales for 2006 include the May Company acquisition, which was completed Aug. 30, 2005. Federated's same-store sales include only Macy's and Bloomingdale's locations. Excluded from Federated total sales are 68 duplicate stores in clearance sale mode during the period, as well as the Lord & Taylor and Bridal Group divisions, which the company intends to divest and are being treated as discontinued operations.
Federated expects same-store sales to decline -2.5% to -3.5% in the April period, reflecting a late Mother's Day, which results in the shift of a major sale event into May this year from April last year. For the first quarter, the company continues to expect same-store sales to decline -0.5% to -1.0% – within the range of guidance provided on Jan. 26, 2006.
