Headlines

Cold, War

Federated reports sales declines in March; Lundgren cites impact of Iraq, cool spring weather

Published

21 years ago

April 11, 2003

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Federated Department Stores Inc. (Cincinnati) reported a 5.9 percent decline in total sales for the five weeks ended April 5, 2003. Same-store sales were down 6.5 percent.

For the first nine weeks of fiscal 2003, Federated's total sales were down 6 percent and same-store sales were down 6.7 percent.

President and ceo Terry Lundgren said that the company's March sales were disappointing, largely reflecting the impact of the war with Iraq and unseasonably cool spring weather in much of the country. Lundgren added, however, that the company expects to achieve its first quarter earnings guidance of 14-19 cents a share despite April sales that also are expected to be lower than previously anticipated.

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