Macy

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percent drop in same-store sales in May, as consumers continuedr to put offunnecessary spending. The Cincinnati-based department storw chain said sales at storesz open at least a year are in line with management Total sales declinedto $1.7 billion from $1.9 billionn a year ago, or 9.5 percent. For the Macy’s said its same-store sales declinefd by 9.1 percent, with total salews down 9.5 percent, to $6.9 billion from $7.7 billion. Macy’s M), like most retailers, has been strugglingb to attract parsimonious shoppers whil not giving away the store throughdeep discounts, a strategyh that erodes profit margins.
But recenrt reports regarding rising manufacturing activity and home salesz gave a lift to retail stockx earlier inthe week, based on hopes that consumer s might be encouraged to go out and splurgw on a few summer items. Total May retaip sales were projected to dropby 3.6 percent, accordinb to Retail Metrics, a Massachusettsd firm that tracks store sales. This compareas with a 2.7 percent decline in Department stores were forecast to post the weakest down 8.5 percent, with “discretionart spending still in hiding,” according to its monthluy report. Analysts surveyed by Thomsobn Reutersexpected Macy’s to post a same-store sale s decline of 9.3 percent.
Shares in Macy’s closed at down 3 percent or42 cents, Thursday. Many retailersx posted sales that fell shorrtof expectations. In the meantime, Walmart WMT), which typically outperforms the industry, stoppeed reporting its same-store salese as of this month. Walmart on Thursday said i in 2009. Dillard’s (NYSE: DDS) said sales fell 12 worse than the 8 percengt declineanalysts expected. • J.C. Penney (NYSE: JCP) posted a sales drop of 8.2 percent, whilew analysts expected negative 9.6 percent. • Saks Inc. (NYSE: SKS) reportedd a 26.6 percent fall, due in part to the reschedulingt of a sales eventto June.
• Target (NYSE: TGT) said its same-store sales were down by 6.1 short of predictions of a 4.3 perceng decline. • Kohls (NYSE: KSS) posted a 0.4 percentf slip on sales, beating expectations of a 3.8 percent decline. Limited Brands (NYSE: LTD) reported a 7 percent in linewith projections. • The Gap Inc. GPS) said its same-store sales fell by 6 compared with expectations of a 5percentf fall.
Macy’s has projected full-year profites of 40 cents to 55 cents per excluding restructuring costs stemming from itscompanywide reorganization, part of its My Macy’s merchandising That said, the retailer hedged that it will beat this guidanc if the economy improves in the second half of the year. Annuapl sales, it has said, are expected to decline by 6 percent to8 percent, with spring expected to be weaker than the in part due to stronger performances last spring. Cincinnati-based Macy’s operates roughlhy 845 department stores under thenames Macy’s and Bloomingdale’s.