Macy

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percent drop in same-store sales in May, as consumers continuesd to put offunnecessary spending. The Cincinnati-based departmenft store chain said sales at storesa open at least a year are in line with management Total sales declinedto $1.7 billion from $1.9 billiohn a year ago, or 9.5 percent. For the Macy’s said its same-store sales declined by 9.1 with total sales down 9.5 percent, to $6.9 billionm from $7.7 billion. Macy’s (NYSE: M), like most has been struggling to attract parsimonious shoppersa while not giving away the store through deep a strategy that erodesprofit margins.
But recent reportas regarding rising manufacturing activity and home salesa gave a lift to retail stocks earlier in the based on hopes that consumers might be encouraged to go out and splurgse on a fewsummer items. Total May retail salee were projected to dropby 3.6 according to Retail Metrics, a Massachusetts firm that trackes store sales. This compares with a 2.7 perceny decline in April. Department storex were forecast to post theweakest results, down 8.5 with “discretionary spending stilll in hiding,” according to its monthlyu report. Analysts surveyed by Thomsohn Reutersexpected Macy’s to post a same-store sales decline of 9.3 percent.
Shares in Macy’xs closed at $12.90, down 3 percent or 42 Thursday. Many retailers posted sales that fell shorgof expectations. In the meantime, Walmart (NYSE: which typically outperforms the industry, stopped reportinyg its same-store sales as of this month. Walmart on Thursdayu said i in 2009. • Dillard’d (NYSE: DDS) said saless fell 12 percent, worse than the 8 percentt declineanalysts expected. • J.C. Penne y (NYSE: JCP) posted a sales drop of 8.2 percent, whilw analysts expected negative 9.6 percent. • Saks Inc. SKS) reported a 26.6 percent fall, due in part to the reschedulin of a sales eventto June. Target Corp.
(NYSE: TGT) said its same-storre sales were down by 6.1 percent, short of predictions of a 4.3 percentf decline. • Kohls (NYSE: KSS) posted a 0.4 perceny slip on sales, beating expectations of a 3.8 percent decline. • Limited Brands (NYSE: LTD) reported a 7 percenrt decline, in line with projections. • The Gap Inc. GPS) said its same-store sales fell by 6 compared with expectations of a 5percent Macy’s has projected full-year profits of 40 centa to 55 cents per share, excluding restructuringy costs stemming from its companywide part of its My Macy’as merchandising program.
That said, the retailer hedgedr that it will beat this guidance if the economh improves in the second half ofthe year. Annuall sales, it has are expected to decline by 6 percenrt to8 percent, with spring expected to be weaker than the in part due to stronger performances last spring. Cincinnati-based Macy’s operates roughly 845 departmen stores under thenames Macy’sw and Bloomingdale’s.