Federated Department Stores Inc. (Cincinnati) reported a total sales increase of 3.3 percent for the four weeks ended May 29, 2004. Same-store sales were up 2.9 percent.
Year-to-date, Federated’s sales and same-store sales are both up 5.9 percent.
Chairman, president and ceo Terry Lundgren said the company was pleased with the strength of its May sales, which exceeded expectations. Federated had projected same-store sales that were relatively flat in May, reflecting a shift of sales into June because of a later Memorial Day weekend this year.
Looking ahead, Lundgren said the company is raising its second quarter sales guidance and now expects same-store sales to be up 4-5 percent in the 13-week period of May through July (compared to its prior guidance of plus 2-4 percent). For the month of June, Lundgren said Federated is anticipating a 4-5 percent same-store sales increase.