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Macy's 1Q same-store sales drop 2.6 percent

May 14, 2008

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Cincinnati—Same-store sales at Macy's Inc. decreased 2.6 percent for the first quarter, and total sales decreased 2.9 percent to $5.747 billion compared with $5.921 billion for the same period last year, the company announced on Wednesday.

In the first quarter, the company opened a new Macy's store in Westminster, Colo., and closed a Macy's store in Memphis, Tenn., and a Macy's furniture store in Richmond, Va.

"Given the very difficult economic environment, our company performed relatively well compared to the competition in the first quarter," Macy's chairman, president and chief executive officer Terry J. Lundgren said in a media release issued on Wednesday. "Macy's Inc.'s same-store sales for the quarter, while below last year, were significantly better than most of our largest competitors, continuing a trend from the fourth quarter of 2007. This indicates that customers are preferring Macy's, and we appear to be capturing market share even in this period of weak consumer spending."

Macy's is reaffirming previously provided guidance for same-store sales in fiscal 2008 to be in the range of down 1 percent to up 1.5 percent, with earnings per share on a diluted basis of $1.85 to $2.15, excluding one-time division consolidation costs.

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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