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percent drop in same-store sales in June, as shoppera continued their months-long trend of avoiding purchases deemed less than The Cincinnati-based department storwe chain out-stepped expectations slightly – analysts surveyed by Thomson Reuters expected a declinwe of 9 percent. Total sales dropped to just morethan $2 down 9.1 percent from almosf $2.3 billion a year ago. Shares of Macy' (NYSE: M) jumped early in the day but closed down less than 1 or6 cents, at $10.63. For the firsy five months of thefiscal year, Macy’s said sales at stored open at least a year decreasedc 9 percent, with totalo sales down 9.4 percent, to $9 billiohn from $9.9 billion.
Retailers, from Walmart Stores to Saks Inc., have been offering promotions and tweaking inventories in a scramble to sell merchandise withour eroding theirprofit margins. Macy’s saw its strongesrt sales in the Midwestand Texas, while the coastss lagged. The Northeast particularly suffered due to cool and wet said spokesmanJim Sluzewski. “Our inventories are in good he said. “Our private brands continue todo well, moderated sportswear continues to do to well, as do kids and Furniture, big-ticket items, luggage and menswear struggled. Nationall June sales were projected to dropby 4.6 percent by Retaik Metrics, a Massachusetts firm that trackd store sales.
This is worse than the minu s 4.3 percent average monthly year-to-date. Department stores were forecastr to post theweakest results, down 8.9 with “discretionary spending still in according to its monthlhy report. Dillard’s Inc. DDS) , for instance, posted a decline of 14 percent, whilee J.C. Penney (NYSE: JCP) said sales dippede by 8.2 percent, beating expectations. • Saks Inc. SKS) reported a 4.4 percent slip, beating expectations of a 11.8 percent decline. • Targeft Corp. (NYSE: TGT) said its same-store saleds were down by 6.2 short of predictions of a 5.6 perceny decline. • Kohl’s (NYSE: KSS) postecd a 5.
6 percent drop in sales, beating expectationas of a 6.8 percent decrease. • Limite d Brands (NYSE: LTD) reported a 12 percent decline, worse than expectations of a 7.9 percenft fall. • The Gap Inc. (NYSE: GPS) said its same-storse sales fell by 10 while analysts expected sales todecline 8.6 Macy’s has projected full-year profits of 40 centxs to 55 cents per share, excluding restructuring costs stemmingg from a companywide reorganization. Annual sales, it has are expected to decline by 6 percent to8 percent. Cincinnati-based Macy’s operates roughly 845 departmeny stores under thenames Macy’s and Bloomingdale’s.
