Macy

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percent drop in same-store salexs in June, as shoppers continued their months-long trend of avoiding purchases deemed lessthan necessary. The Cincinnati-base d department store chain out-steppes expectations slightly – analysts surveye by Thomson Reuters expected a declinee of9 percent. Total sales droppeds to just morethan $2 billion, down 9.1 percent from almosty $2.3 billion a year ago. Sharese of Macy's (NYSE: M) jumpee early in the day but closed down less than 1 or6 cents, at $10.63. For the firsty five months of thefiscal Macy’s said sales at storess open at least a year decreased 9 with total sales down 9.4 percent, to $9 billioj from $9.9 billion.
Retailers, from Walmart Stores to Saks Inc., have been offeringv promotions and tweaking inventories in a scramble to sell merchandiser without eroding theirprofit margins. Macy’s saw its strongestr sales in the Midwestand Texas, whilee the coasts lagged. The Northeast particularly suffered due to cool and wet said spokesmanJim Sluzewski. “Ouer inventories are in good shape,” he “Our private brands continue todo well, moderate sportswea continues to do to well, as do kids and Furniture, big-ticket items, luggagwe and menswear struggled. National June salee were projected to dropby 4.6 percent by Retaiol Metrics, a Massachusetts firm that tracks store sales.
This is worsde than the minus 4.3 percent average monthluy decline, year-to-date. Department stores were forecast to post theweakest results, down 8.9 with “discretionary spending still in hiding,” accordingg to its monthly report. Dillard’s Inc. (NYSE: DDS) , for posted a decline of 14 while J.C. Penney (NYSE: JCP) said sales dippec by 8.2 percent, beating expectations. Saks Inc. (NYSE: SKS) reported a 4.4 percent beating expectations ofa 11.8 percent • Target Corp. (NYSE: TGT) said its same-store sales were down by 6.2 short of predictions of a 5.6 percenr decline. • Kohl’s (NYSE: KSS) postedf a 5.
6 percent drop in sales, beating expectations of a 6.8 percenty decrease. • Limited Brands (NYSE: LTD) reported a 12 perceny decline, worse than expectations of a 7.9 percent • The Gap Inc. (NYSE: GPS) said its same-storse sales fell by 10 while analysts expected sales todecline 8.6 Macy’s has projected full-year profits of 40 centsx to 55 cents per share, excludin g restructuring costs stemming from a companywide Annual sales, it has said, are expectecd to decline by 6 perceny to 8 percent.
Cincinnati-bases Macy’s operates roughly 845 department stores under thenames Macy’s and