Macy's November sales down 13.3 percent

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Macy's November sales down 13.3 percent

December 05, 2008

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Cincinnati--Same-store sales at Macy's Inc. decreased 13.3 percent for the four weeks ended Nov. 29, compared with the same period last year, the company reported on Friday.

Total sales for the period decreased 14.1 percent to $2.327 billion, compared with $2.707 billion for the four weeks ended Dec. 1, 2007.

This is consistent with previous guidance that anticipated the negative impact of a significant shift in the retail calendar coupled with the weak economic environment.

For the year to date, Macy's sales total $19.285 billion, down 5.6 percent from total sales of $20.426 billion in the first 43 weeks of 2007. On a same-store basis, Macy's year-to-date sales were down 4.8 percent.

The company emphasized that the November-December period should be viewed together for purposes of same-store sales comparison to last year. Because of a dramatic year-over-year calendar shift that results in an important post-Thanksgiving week of sales falling in December this year versus November last year, Macy's had previously stated that November same-store sales were expected to be down in the low double digits.

The company reiterated its guidance for same-store sales in the fourth quarter to be down by 1 percent to 6 percent.

Macy's Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2007 sales of $26.3 billion. The company operates more than 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's. The company also operates Macys.com, Bloomingdales.com and Bloomingdale's By Mail.

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