Macy

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percent drop in same-store salexs in May, as consumers continued to put offunnecessaru spending. The Cincinnati-based department store chaih said sales at stores open at leastg a year are in line withmanagement expectations. Total salesx declined to $1.7 billion from $1.9 billio n a year ago, or 9.5 For the year, Macy’s said its same-store salea declined by 9.1 with total sales down 9.5 to $6.9 billion from $7.7 billion.
Macy’se (NYSE: M), like most retailers, has been strugglinbg to attract parsimonious shoppers while not giving away the storse throughdeep discounts, a strategy that erodes profit But recent reports regarding risinf manufacturing activity and home sales gave a lift to retail stockd earlier in the week, based on hopes that consumera may be encouraged to go out and splurge on a few summert items. Total May retail salesa were projected to dropby 3.6 percent, according to Retail Metrics, a Massachusetts firm that tracks store sales. This comparees with a 2.7 percent decline in Department stores were forecast to post theweakestt results, down 8.
5 percent, with “discretionary spending still in hiding,” accordinf to its monthly report. The retailer has projected full-year profit of 40 cents to 55 centsxper share, excluding restructuring costs stemming from its companywidwe reorganization, part of its My Macy’xs merchandising program. That said, Macy's hedged that it will beat this guidance if the economy improves in the second half of the Annual sales, it has said, are expected to declin e by 6 percent to 8 percent, with spring expectecd to be weaker than the fall, in part due to stronger performancees last spring.
Macy’s operates roughly 845 department storesx under thenames Macy’s and Bloomingdale’s. (NYSE: TGT) said its May same-store salesa fell 6.1 percent from the same monthy ayear ago. Total sales, at $4.56 were down 2.3 percent from May 2008. Target has consistentlt postedmonthly same-store sales declinez during the recession, as consumers have pulled back theifr spending on clothes, home furnishings and some of the otheer discretionary items that had boostedd the company’s sales during bette r times. • said its comparable storer sales in May decreasedby 0.4 percent and total sales increasec 4.1 percent, better than management had expected.
The Menomonere Falls, Wis.-based retailer (NYSE: KSS) said Thursday salew for the four-week month ending May 31 were $1.26 billion, compared with $1.2 1 billion in the same periodof 2008. Year-to-date salews also are ahead of 2008at $4.9 compared with $4.8 billion in an increase of 1.3 Comparable store sales year-to-date decreaserd 3.2 percent, Kohl’s said. • (NYSE: GPS) said that its comparable-stors sales were down 6 percent year over yearin May, and net salesz were down 5 percent to $1.03 billion. Gap Nortu American and Banana Republic were hit the hardestin comparable-storw sales -- going down 11 percentt and 14 percent, respectively.
Internationao sales were down 7 percent. Old Navy was the one Gap brandc that saw anincrease -- It was up 3