Macy

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percent drop in same-store salezs in May, as consumers continues to put offunnecessary spending. The Cincinnati-basedc department store chain said sales at stores open at leasft a year are in line withmanagement expectations. Total sales declined to $1.7 billion from $1.9 billion a year ago, or 9.5 For the year, Macy’s said its same-store sale s declined by 9.1 percent, with totak sales down 9.5 to $6.9 billion from $7.7 Macy’s (NYSE: M), like most retailers, has been strugglinfg to attract parsimonious shoppers whiler not giving away the storwe throughdeep discounts, a strategyy that erodes profit margins.
But recent reportsd regarding rising manufacturing activity and home salews gave a lift to retail stocksd earlier inthe week, basesd on hopes that consumers mighrt be encouraged to go out and splurge on a few summer Total May retail sales were projecter to drop by 3.6 percent, according to Retaipl Metrics, a Massachusetts firm that tracks store This compares with a 2.7 percent decline in Department stores were forecast to post the weakestr results, down 8.5 percent, with “discretionary spending still in according to its monthly report. Analysts surveyed by Thomsob Reutersexpected Macy’s to post a same-storde sales decline of 9.3 percent. Shares in Macy’s closed at $12.
90, down 3 percent or 42 cents, Many retailers posted sales that fell shortof expectations. In the Walmart (NYSE: WMT), which typically outperformsz the industry, stopped reporting its same-store sales as of this Walmart on Thursday said iin 2009. Dillard’s (NYSE: DDS) said sales fell 12 worse than the 8 percent declineanalysts expected. J.C. Penney (NYSE: JCP) postedd a sales drop of 8.2 while analysts expected negative 9.6 percent. • Saks Inc. SKS) reported a 26.6 percent fall, due in part to the reschedulint of a sales evenytto June. • Target Corp. (NYSE: TGT) said its same-storee sales were down by 6.1 percent, short of predictions of a 4.3 percen decline.
• Kohls (NYSE: KSS) postef a 0.4 percent slip on beating expectations ofa 3.8 perceny decline. • Limited Brands (NYSE: LTD) reported a 7 percent in linewith projections. • The Gap Inc. (NYSE: GPS) said its same-storse sales fell by 6 compared with expectations of a 5percent Macy’s has projected full-year profits of 40 cents to 55 cents per share, excluding restructuring costs stemminh from its companywide reorganization, part of its My Macy’d merchandising program.
That said, the retaile hedged that it will beat this guidance if the economt improves in the second half of the Annual sales, it has said, are expectedd to decline by 6 percent to 8 with spring expected to be weaker than the fall, in part due to strongerd performances last spring. Cincinnati-based Macy’s operatee roughly 845 department stores under thenames Macy’s and