Macys, Inc. reported total sales of $1.72 billion for the four weeks ended Nov. 1, 2008, a decrease of 6.9% compared to total sales of $1.85 billion in the same period last year. On a same-store basis, Macys, Inc. sales were down 6.3% in October.
For the third quarter of 2008, the companys total sales were $5.50 billion, a decrease of 6.9% compared to total sales of $5.91 billion in the same 13-week period last year. On a same-store basis, Macys, Inc.s third-quarter sales were down 6.0%.
For the year to date, Macys, Inc. sales totaled $16.97 billion, down 4.3% from total sales of $17.72 billion in the first 39 weeks of 2007. On a same-store basis, Macys, Inc.s year-to-date sales were down 3.5%.
The company reiterated its guidance for same-store sales in the fall season of 2008 (third and fourth quarters combined) to be down by 3% to 6%. Given third quarter results, same-store sales in the fourth quarter therefore are expected to be down by 1% to 6%. Because of a dramatic year-over-year calendar shift that resulted in a same-store sales increase of 13.4% in November 2007, the company expects a same-store decrease in the low double digits in November 2008 as a full week of sales shifts back into the December period.
