Federated sees February sales tumble
US department store retailer hit by snowfall
March 6 2003
Federated Department Stores saw sales fall by six per cent February, due in part to severe weather which hit the US during the key Presidents Day weekend.
The US department store opertor’s total sales of $985m in the four weeks to March 1 were down six per cent from total sales of $1.048bn on the same period last year. On a same-store basis, February sales were down 6.8 percent.
President and chief executive officer Terry J. Lundgren said that the company’s February sales had been consistent with expectations in the first half of the month before the record snowfalls hit around the President’s Day holisay weekend. Lundgren said: “These storms in the eastern part of the country had a significant impact on sales Although February results were disappointing as a result, strong sales during the last week of the month did enable us to reclaim some lost ground.”
With consumer confidence low in the US, Feederated has seen its chains including Macy and Bloomingdales hit by a shift in spending to discount retailers.
