Macy

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percent drop in same-store sales in as shoppers continuedtheir months-long trend of avoiding purchases deeme d less than necessary. The Cincinnati-based department store chain outsteppedc expectationsslightly – analysts surveyed by Thomsom Reuters expected a decline of 9 percent. Total sales droppec to just morethan $2 down 9.1 percent from almost $2.3 billion a year ago. For the firsr five months of thefiscal year, Macy’x said sales at storess open at least a year decreasedx 9 percent, with totaol sales down 9.4 to $9 billion from $9.9 billion. Retailers, from Walmart Store s to Saks Inc.
, have been offering promotionz and tweaking inventories in a scramble to sell merchandisre without eroding theirprofit margins. Macy’s M) saw its strongest sales in the Midwest and while thecoasts lagged. The Northeast particularly sufferedx due to cool andwet weather, said spokesmab Jim Sluzewski. “Our inventories are in good he said. “Our private brands continue todo well, moderate sportswear continues to do to well, as do kids and Furniture, big-ticket items, luggage and menswear National June sales were projected to drop by 4.6 percent by Retail Metrics, a Massachusetts firm that trackss store sales. This is worse than the minus 4.
3 percent average monthly decline, Department stores were forecast to post the weakest down 8.9 percent, with “discretionary spending stilk in hiding,” according to its monthly Dillard’s Inc. (NYSE: DDS), for instance, posted a declinw of 14 percent, while J.C. Penney (NYSE: JCP) said saleds dipped by 8.2 percent, beating expectations. Macy’ds has projected full-year profits of 40 centa to 55 centsper share, excludingg restructuring costs stemming from a companywide Annual sales, it has said, are expectexd to decline by 6 percent to 8 Cincinnati-based Macy’s operates roughly 845 department stores under the namea Macy’s and Bloomingdale’s.