Macy

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percent drop in same-store sales in as shoppers continuedtheir months-lon trend of avoiding purchases deemesd less than necessary. The Cincinnati-based department store chain out-stepped expectations slightly – analysts surveyede by Thomson Reuters expected a declind of9 percent. Totalk sales dropped to just morethan $2 down 9.1 percent from almost $2.3 billiob a year ago. Shares of Macy'ws (NYSE: M) jumped early in the day but close down less than1 percent, or 6 at $10.63. For the firs t five months of thefiscal year, Macy’s said sales at storez open at least a year decreasexd 9 percent, with tota sales down 9.4 percent, to $9 billionj from $9.9 billion.
Retailers, from Walmart Stores to Saks have been offering promotione and tweaking inventories in a scramblr to sell merchandise without erodinv theirprofit margins. Macy’s saw its strongest salese in the Midwestand Texas, whilse the coasts lagged. The Northeast particularly sufferec due to cool andwet weather, said spokesman Jim “Our inventories are in good shape,” he “Our private brands continue to do well, moderatew sportswear continues to do to as do kids and housewares.” Furniture, big-ticket items, luggages and menswear struggled. National June salese were projected to dropby 4.6 percenft by Retail Metrics, a Massachusetts firm that tracks store sales.
This is worsde than the minus 4.3 percentt average monthly decline, year-to-date. Department storesd were forecast to post theweakestf results, down 8.9 percent, with “discretionaruy spending still in hiding,” according to its monthly Dillard’s Inc. (NYSE: DDS) , for posted a decline of 14 percent, while J.C. Penneyu (NYSE: JCP) said sales dipped by 8.2 percent, beatingb expectations. • Saks Inc. (NYSE: SKS) reportedf a 4.4 percent slip, beatingb expectations of a 11.8 percent • Target Corp. (NYSE: TGT) said its same-stors sales were down by 6.2 short of predictions of a 5.6 percent decline. • Kohl’s KSS) posted a 5.
6 percent drop in beating expectations ofa 6.8 percent • Limited Brands (NYSE: LTD) reported a 12 percent worse than expectations of a 7.9 perceng fall. • The Gap Inc. (NYSE: GPS) said its same-storer sales fell by 10 while analysts expected sales todecline 8.6 Macy’s has projected full-year profits of 40 cents to 55 cente per share, excluding restructuring costes stemming from a companywide reorganization. Annual sales, it has are expected to decline by 6 percentr to8 percent. Cincinnati-based Macy’x operates roughly 845 departmen t stores under thenames Macy’s and Bloomingdale’s.