Macy

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percent drop in same-storew sales in May, as consumers continued to put offunnecessary spending. The Cincinnati-based departmentg store chain said sales at stores open at leastt a year are in line withmanagemen expectations. Total sales declined to $1.7 billion from $1.9 billion a year ago, or 9.5 For the year, Macy’zs said its same-store sales declined by 9.1 percent, with tota l sales down 9.5 to $6.9 billion from $7.7 billion. Macy’d (NYSE: M), like most retailers, has been struggling to attractf parsimonious shoppers while not giving away the storee throughdeep discounts, a strategy that erodees profit margins.
But recent reports regardiny rising manufacturing activity and home sales gave a lift to retail stocka earlier inthe week, based on hopes that consumers may be encouraged to go out and splurge on a few summer items. Total May retaikl sales were projected to dropby 3.6 percent, according to Retail Metrics, a Massachusetts firm that trackzs store sales. This compares with a 2.7 percentg decline in April. Department stores were forecast to post theweakest results, down 8.5 percent, with “discretionaryy spending still in hiding,” accordiny to its monthly report.
The retailer has projected full-yearf profits of 40 cents to 55 cents per excluding restructuring costs stemming from itscompanywide reorganization, part of its My Macy’x merchandising program. That said, Macy's hedgeed that it will beat this guidance if the economuy improves in the second half of the Annual sales, it has said, are expecte to decline by 6 percent to 8 with spring expected to be weaker than the in part due to stronger performancesd last spring. Macy’s operatesx roughly 845 department stores under thenames Macy’ s and Bloomingdale’s. • (NYSE: TGT) said its May same-storde sales fell 6.1 percent from the same monthg ayear ago. Total sales, at $4.
56 billion, were down 2.3 percent from May 2008. Targety has consistently postedmonthly same-storew sales declines during the recession, as consumerd have pulled back their spendingb on clothes, home furnishings and some of the othe discretionary items that had boosted the company’ sales during better times. • said its comparable storew sales in May decreasedby 0.4 percentt and total sales increased 4.1 percent, betteer than management had expected. The Menomonede Falls, Wis.-based retailer KSS) said Thursday salexs for the four-week month ending May 31 were $1.26 compared with $1.21 billion in the same perio of 2008. Year-to-date sales also are aheadf of 2008at $4.
9 billion, compared with $4.8 billion in 2008, an increase of 1.3 percent. Comparable storw sales year-to-date decreased 3.2 Kohl’s said. • (NYSE: GPS) said that its comparable-store salez were down 6 percent year over yearin May, and net salesx were down 5 percent to $1.03 billion. Gap Northy American and Banana Republic were hit the hardesttin comparable-store sales -- going down 11 percent and 14 respectively. International sales were down 7 percent.
Old Navy was the one Gap bransd that saw anincrease -- It was up 3