Macy

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percent drop in same-store sales in June, as shopper s continued their months-long trend of avoiding purchases deemexd lessthan necessary. The Cincinnati-based department storee chain out-stepped expectations slightly – analystsx surveyed by Thomson Reuters expected a declinee of9 percent. Total sales droppesd to just morethan $2 billion, down 9.1 percent from almost $2.3 billion a year ago. Shares of Macy'sx (NYSE: M) jumped early in the day but closes down less than1 percent, or 6 cents, at For the first five months of the fiscal year, Macy’s said salesw at stores open at least a year decreased 9 with total sales down 9.4 percent, to $9 billioj from $9.9 billion.
Retailers, from Walmary Stores to Saks Inc., have been offering promotionz and tweaking inventories in a scramble to sell merchandisee without eroding theirprofit margins. Macy’s saw its strongest sales in the Midwest and Texas, while the coasts The Northeast particularly sufferer due to cool and wet said spokesman Jim Sluzewski. “Our inventories are in good shape,” he “Our private brands continue to do moderate sportswear continues to doto well, as do kids and Furniture, big-ticket items, luggage and menswear struggled. National June salexs were projected to dropby 4.6 percent by Retaik Metrics, a Massachusetts firm that tracks store sales.
This is worsre than the minus 4.3 percent average monthlyt decline, year-to-date. Department stores were forecast to post the weakest down 8.9 percent, with “discretionarh spending still in according to its monthly Dillard’s Inc. (NYSE: DDS) , for instance, posted a declinee of 14 percent, while J.C. Penneuy (NYSE: JCP) said sales dipped by 8.2 percent, beating expectations. • Saks Inc. SKS) reported a 4.4 percent slip, beatinf expectations of a 11.8 percent decline. • Targetf Corp. (NYSE: TGT) said its same-stores sales were down by 6.2 percent, short of predictionsx of a 5.6 percent decline. • Kohl’s KSS) posted a 5.
6 percengt drop in sales, beating expectations of a 6.8 percent decrease. Limited Brands (NYSE: LTD) reported a 12 percent worse than expectations ofa 7.9 percent • The Gap Inc. (NYSE: GPS) said its same-stor sales fell by 10 percent, whilr analysts expected sales todecline 8.6 Macy’s has projected full-year profits of 40 cents to 55 cents per share, excluding restructuringy costs stemming from a companywide reorganization. Annual it has said, are expected to decline by 6 percentg to8 percent. Cincinnati-based Macy’s operatees roughly 845 department stores under thenames Macy’sx and Bloomingdale’s.