Federated Department Stores Inc. (Cincinnati) reported that total sales for the four weeks ending November 30 were $1.47 billion, a 5.8 percent drop from the same period last year, during which Thanksgiving was a week earlier on the calendar. Federated's same-store sales were also down by 7.4 percent for the month.
James Zimmerman, Federated chairman and ceo, says the company was pleased with its Thanksgiving weekend sales, but was disappointed with overall sales for the month. “It is difficult to forecast December sales on the basis of what we have seen in November,” he says. “Therefore, at this point we are anticipating sales at the lower end of our expectations for the combined November-December holiday period.”
The retailer's previously issued guidance for the November-December period is for same-store sales to be flat to down 2.5 percent. Overall, Federated's year-to-date sales totaled $11.89 billion for the first 43 weeks of 2002, a 1.6 percent drop from last year. On a same-store basis, Federated's year-to-date sales were down 3.2 percent.
Federated operates more than 460 stores in 34 states, Guam and Puerto Rico, under the names of Macy's, Bloomingdale's, The Bon Marche, Burdines, Goldsmith's, Lazarus and Rich's.