Macy's posts 6.9% Oct., 3Q sales decrease

CINCINNATI Macy's, posted total sales of $1.72 billion for the four weeks ended Nov. 1, a decrease of 6.9% compared to $1.85 billion in the same period last year. Same-store sales were down 6.3% in October.

For the third quarter of 2008, the company's total sales were $5.5 billion, a decrease of 6.9% compared to total sales of $5.91 billion in the same 13-week period last year. Same-store sales were down 6%.

The company reiterated its guidance for same-store sales in the fall season of 2008 (third and fourth quarters combined) to be down by 3% to 6%. Given third-quarter results, same-store sales in the fourth quarter are expected to be down by 1% to 6%.

Because of a dramatic year-over-year calendar shift that resulted in a same-store sales increase of 13.4% in November 2007, the company expects a same-store decrease in the low, double digits in November 2008, as a full week of sales shifts back into the December period.