Easter give slight boost to April sales

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Easter give slight boost to April sales

Macy's, Neiman Marcus, Saks report sales declines

May 08, 2009

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New York--Overall U.S. chain store sales increased 0.7 percent last month, due primarily to a shift in the Easter holiday from March to April this year, according to the latest study from the International Council of Shopping Centers (ICSC).

Sales performance in the March-April period remained sluggish, however, with a run rate of negative 1.4 percent, according to the ICSC.

Macy's Inc. reported a same-store sales decrease of 9.1 percent for the four-week period ended May 2, and a total sales decrease of 9.4 percent to $1.692 billion, compared with $1.868 billion for the four weeks ended May 3, 2008.

For the 13-week first quarter and year to date, Macy's sales totaled $5.2 billion, down 9.5 percent from total sales of $5.747 billion in the first 13 weeks of 2008. On a same-store basis, Macy's first-quarter sales were down 9 percent.

Online sales, however, were up 14.5 percent in April and 16.2 percent for the first quarter of 2009 and positively affected Macy's first-quarter 2009 same-store sales by 0.5 percentage points. (Online sales are included in the same-store sales calculation.)

At Neiman Marcus, same-store sales decreased 22.5 percent for the four weeks ended May 2, and total sales decreased 21.1 percent to $271 million, compared with $343 million for the four weeks ended April 26, 2008.

For the 13-week third fiscal quarter, same-store sales for the company decreased 25.1 percent, and total sales decreased 23.7 percent to $810 million, compared with $1,062 million for the 13 weeks ended April 26, 2008.

The company experienced weakness across all geographies and merchandise categories in its Specialty Retail Stores segment, which includes Neiman Marcus Stores and Bergdorf Goodman. Beauty was the top-selling category at Neiman Marcus Direct.

Retailer Saks Inc. reported a same-store sales decrease of 32 percent for the four-week period ended May 2, with owned sales decreasing 31.3 percent to $238.7 million, compared with $347.5 million for the four weeks ended May 3, 2008.

On a year-to-date basis, for the first fiscal quarter ended May 2, owned sales totaled $615.1 million, compared with $842.5 million for the fiscal quarter ended May 3, 2008, a 27 percent decrease. Comparable-store sales decreased 27.6 percent for the first quarter.

According to the company, sales performance for April was negatively affected by the shift of a spring season clearance event into May this year from April last year. Management estimates that, excluding this shift, same-store sales for both April and the fiscal first quarter would have decreased by approximately 25 percent.

The Saks Fifth Avenue stores experienced continued weakness across all merchandise categories during the month. Saks Direct and OFF 5TH showed relative strength in April.

Looking ahead to May, the ICSC anticipates that overall U.S. chain store sales will be flat to down about 1 percent compared with May 2008, as the industry faces a tough comparison from tax-rebate-inflated sales growth.

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