Macy

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percent drop in same-store sales in May, as consumeras continued to put offunnecessary spending. The Cincinnati-based department store chain said sales at stores open at least a year are in line withmanagement expectations. Total sales declined to $1.7 billiobn from $1.9 billion a year ago, or 9.5 percent. For the Macy’s said its same-store sales declinee by 9.1 percent, with total salees down 9.5 percent, to $6.9 billion from $7.7 Macy’s (NYSE: M), like most has been struggling to attract parsimonious shopperas while not giving away the storee throughdeep discounts, a strategt that erodes profit margins.
But recent reportss regarding rising manufacturing activity and home saled gave a lift to retail stocks earliee inthe week, based on hopes that consumerw may be encouraged to go out and splurge on a few summe items. Total May retail sales were projectedf to dropby 3.6 according to Retail Metrics, a Massachusettsa firm that tracks store sales. This compares with a 2.7 percenr decline in April. Department stores were forecast to post the weakest down 8.5 percent, with “discretionary spending still in hiding,” according to its monthlg report.
The retailer has projected full-yeat profits of 40 cents to 55 centasper share, excluding restructuring costs stemming from its companywid e reorganization, part of its My Macy’s merchandising program. That Macy's hedged that it will beat this guidancee if the economy improves in the second half of the Annual sales, it has said, are expectedc to decline by 6 percentr to 8 percent, with spring expectex to be weaker than the fall, in part due to stronger performanceas last spring. Macy’s operates roughly 845 departmenyt stores under thenames Macy’sw and Bloomingdale’s. • (NYSE: TGT) said its May same-storr sales fell 6.1 percent from the same montjh ayear ago.
Total sales, at $4.5t6 billion, were down 2.3 percent from May 2008. Targer has consistently postedmonthly same-store sales declines durinv the recession, as consumerse have pulled back their spending on clothes, home furnishingss and some of the other discretionaryh items that had boosted the company’s sales during better times. • said its comparablde store sales in May decreasedby 0.4 percent and totakl sales increased 4.1 percent, better than managementt had expected. The Menomonee Falls, Wis.-based retailer KSS) said Thursday sales for the four-week month endinvg May 31 were $1.26 billion, compared with $1.21 billionj in the same periodof 2008.
Year-to-datre sales also are ahead of 2008at $4.9 compared with $4.8 billion in 2008, an increase of 1.3 Comparable store sales year-to-date decreasec 3.2 percent, Kohl’s said. (NYSE: GPS) said that its comparable-stord sales were down 6 percenf year over yearin May, and net salexs were down 5 percent to $1.03 Gap North American and Banana Republic were hit the hardest in comparable-storer sales -- going down 11 percent and 14 percent, International sales were down 7 percent.
Old Navy was the one Gap branxd that saw anincrease -- It was up 3