Macy

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percent drop in same-store sales in April, comparee to analysts' projections of minus 7.5 percent, and upgraded its first-quarter profit outlook. The Cincinnati-based departmentt store chain (NYSE: M) said it expects a net loss in the fisca l quarter of 19 cents to 21 centx perdiluted share. That beats it own previousx expectations and those of analysts polled byThomsojn Reuters, who had projected a loss of 27 The merchant will report its first-quartetr earnings May 13.
Macy’s, like most has been vying for shoppers who have been pullintg back on discretionary spending during a time of massive job The retailersaid third-quarterd sales at stores open at least a year declinef by 9 percent. Total April salea declined to $1.7 billion from almost $1.9 billion a year ago, or 9.4 For the quarter, sales fell 9.5 to $5.2 billion from $5.7 billion. Analysts projectedf quarterly salesof $5.
24 Despite soft demand for apparel and housewares, Macy’s continuesd to be encouraged by results from its “My pilot program, launched one year ago, said spokesman Jim The program is designed to customize merchandise on a store-by-storse basis and was launched primarily in the Midwest, includingb in Cincinnati. “The stronger areas were the Midwest and he said. “The weaker areas include New York and the He said strong merchandise categoriexs included moderate sportswear for both menand dresses, women’s suits and Weaker categories included handbags and big-ticket such as furniture.
“Private labe l is performing very especially inthe women’sw categories,” Sluzewski said. WMT), for instance, posted a better-than-expected same-store saleas gain of 5 percent, not including fuel sales, while analysts expected it todeliver 2.9 Other department store chains were a mixeed bag. Dillard’s Inc. (NYSE: DDS) reportefd a 5 percent decrease, while analysts expected a dropof 9.2 (NYSE: SKS) said sales fell 32 percent, beloe the 30.5 percent projections. And JWN) said its sales slipped by 10.8 percent. (NYSE: TGT) said its same-store sales rose 0.3 percent, just shy of Net retail sales for the four weeks ended May 2were $4.4t5 billion, up 4.
5 percent from the comparable periodr last year. • (NYSE: GPS) said its same-store salea dipped by 4 percent, beatinv expectations of a 7.8 percent fall. Costco Wholesale Corp.'s comparable-store saleas at stores open a year or more fell 8 percen t last month compared with ayear earlier, the company April net sales at Costcoi fell 6 percent to $5.18 billion from $5.5r billion. • Nordstrom Inc. reported Apri sales fell by more than 6 percentto $561 million from $600 million a year earlier. Same-stores sales at stores open a year or morefell 10.8 percengt compared with April 2008.