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Macy's October sales down 6.3 percent

November 06, 2008

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Cincinnati—Same-store sales at Macy's Inc. decreased 6.3 percent for the four weeks ended Nov. 1, and total sales were down 6.9 percent to $1.72 billion, compared with $1.85 billion for the same period last year, the company announced today.

For the third quarter of 2008, the company's same-store sales were down 6 percent, and total sales decreased 6.9 percent to $5.5 billion, compared with $5.9 billion for the same period in 2007.

For the year to date, Macy's same-store sales were down 3.5 percent, and total sales decreased 4.3 percent to $16.97 billion, compared with $17.72 billion for the same period last year.

In light of third-quarter results, the company expects same-store sales in the fourth quarter to be down 1 percent to 6 percent.

Further, because of a dramatic year-over-year calendar shift that resulted in a same-store sales increase of 13.4 percent in November 2007, the company expects a same-store sales decrease in the low double digits in November 2008 as a full week of sales shifts back into the December period.

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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