Federated Department Stores reported total sales of $1.191 billion for the four weeks ended May 28, 2005, an increase in total sales of 0.7% compared to total sales of $1.182 billion in the same period last year. On a same-store basis, Federated's sales for the month of May were up 0.8%.
For the first 17 weeks of fiscal 2005, Federated's sales totaled $4.831 billion, an increase of 2.1 percent compared to total sales of $4.732 billion in the same period last year. On a same-stores basis, Federated's year-to-date sales also are up 2.1 percent.
Total sales for the month and year to date in both 2004 and 2005 have been adjusted to include shipping and handling charges and leased department income, in addition to sales of merchandise.
Terry J. Lundgren, Federated's chairman, president and chief executive officer, said there was unanticipated weakness in sales of warm-weather apparel such as swimwear and sandals in areas of the country where temperatures were unseasonably cool during the month of May.
Looking ahead, Lundgren said Federated continues to expect an approximately 1 percent same-store sales increase for the month of June, with second quarter same-store sales also anticipated to increase by that amount. The company continues to anticipate that same-store sales for the fall season (combined third and fourth quarters) will increase by 3 percent. The company today also reiterated its second quarter earnings guidance of 80-85 cents a share.
