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IN BRIEF / RETAILING

Federated Same-Store Sales to Miss Outlook

July 31, 2001|Reuters

Federated Department Stores Inc., owner of the Macy's and Bloomingdale's chains, said July sales at stores open at least a year are likely to miss its forecast, raising fears that other apparel retailers also could warn about poor monthly sales as the U.S. economy remains in the doldrums.

The Cincinnati company said sales for the week ended July 28 were disappointing, making it likely that same-store sales will fall more than the 2% decline it previously forecast.

Earlier this month, Federated cut its fiscal second-quarter earnings outlook to between 40 cents to 50 cents a share, down from its earlier forecast of 70 cents to 75 cents.

Federated closed up $1.43 at $37.26 on the Big Board.

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