Macys, Inc. reported total sales during May decreased 2.3% to $1.98 billion from $2.024 billion a year ago. On a same-store basis, Macys, Inc. sales were down 3.3% in May.
This compares with the company's guidance for same-store sales to be flat to down 2% in May, reflecting the shift of a promotional event from May last year into April this year.
For the year to date, Macys, Inc. sales totaled $7.897 billion, down 0.7% from total sales of $7.954 billion in the first 17 weeks of 2006. On a same-store basis, Macys, Inc.s year-to-date sales were down 0.5%.
“While we were disappointed with sales in the month of May, the increased promotional marketing support currently being implemented for the Macy's brand is expected to improve sales trends in June and July,” said Terry J. Lundgren, Macys, Inc. chairman, president and chief executive officer.
Macys, Inc. expects same-store sales in June to be flat to down 2%.
The company reported that Credit Suisse has completed the second and final portion of the previously announced accelerated share repurchase agreements. Upon settlement of the agreements, Macy's, Inc. received approximately 700,000 additional shares of its common stock, resulting in a total of approximately 45.7 million shares of Macy's, Inc. stock being repurchased under the agreements.
Macy's operates Macy's and Bloomingdale's. Prior to June 1, 2007, Macy's, Inc. was known as Federated Department Stores, Inc.
