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Macy's 2Q sales slip 2.1 percent

August 14, 2008

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Cincinnati—Amid a difficult retail environment, same-store sales for Macy's Inc. fell 2.1 percent for the second quarter ended Aug. 2, compared with the same period last year.

Overall, sales for the Cincinnati-based department store chain totaled $5.72 billion for the period, compared with sales of $5.89 billion in the second quarter of 2007, a 3 percent decline, according to a release from the company.

Year-to-date, overall sales at Macy's are down 2.9 percent, from $11.81 billion in 2007 to $11.47 billion in 2008.

Same-store sales year-to-date are down a total of 2.2 percent over 2007.

Macy's Chairman, President and CEO Terry J. Lundgren said the stores rose to the challenge and delivered strong earnings and cash flow despite the poor economy.

"While we are never fully satisfied when sales are down, we continued to outperform most of our major competitors in same-store sales to gain market share with a combination of differentiated merchandise, current fashions and great value. This will continue to be our emphasis as we enter the fall season," he said in a media release issued on Thursday.

In September, the company will launch its exclusive Tommy Hilfiger product. Other plans for the year include the opening of FAO Schwarz toy shops in up to 275 Macy's locations, a number of events to mark Macy's 150th birthday and a "fresh approach to holiday marketing," according to the release.

Looking ahead, Macy's expects same-store sales in the fall to be flat or down 1 percent.

Also on Thursday, Macy's announced a partnership with consumer insights firm Dunnhumby USA.

Dunnhumby will analyze Macy's customer sales data, develop customer segmentation models and work with Macy's to apply this information to increase sales.

Lundgren said the insights culled from Dunnhumby would support the new My Macy's localization initiative.

Overall, Macy's intention is to use knowledge of customer segments to drive same-store sales and customer loyalty.

"For Macy's to continue to build a sustainable competitive advantage we need to fully understand our customers and mold our offering to satisfy each customer's specific needs," he said.
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