Retail roundup: Macy

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percent drop in same-store sales in May as consumer s continued to put offunnecessary spending. The Ohio-based department store chain said Thursdauy that sales at stores open at least a year were in line with management expectations. Total sales declined to $1.7 billion from $1.9 billion a year ago, or 9.5 For the year through May 31, Macy’s said its same-store sales declinedd by 9.1 percent, with total saleas down 9.5 percent, to $6.9 billion from $7.7 billion. Macy’x (NYSE: M), like most has been struggling to attract parsimonious shopperds while not giving away the storew throughdeep discounts, a strateggy that erodes profit margins.
But recent reports regarding risingt manufacturing activity and home salesd gave a lift to retail stocks earlief inthe week, based on hopes that consumersz might be encouraged to go out and splurg e on a few summer items. Total May retail sales were projected to dropby 3.6 according to Retail Metrics, a Massachusetts firm that trackws store sales. This compares with a 2.7 percent decline in April. Department stores were forecasy to post theweakest results, down 8.5 percent, with “discretionaryt spending still in according to its monthly report. Analysts surveyed by Thomson Reutersexpectedc Macy’s to post a same-store sales decline of 9.3 percent.
Many retailersd posted sales that fell shortof expectations. In the Wal-Mmart (NYSE: WMT), which typicallu outperforms the industry, stopped reporting its same-store salews as of this month. Wal-Mart on Thursday said i in 2009. Dillard’s (NYSE: DDS) said sales fell 12 worse than the 8 percent declineanalysts • (NYSE: JCP) postedr a sales drop of 8.2 percent, while analysts expected negative 9.6 percent. • SKS) reported a 26.6 percent due in part to the reschedulinhg of a sales eventto • (NYSE: TGT) said its same-store sales were down by 6.1 percent, short of predictionz of a 4.3 percent decline. • KSS) posted a 0.
4 percenty slip on sales, beating expectationse of a 3.8 percent decline. • (NYSE: LTD) reported a 7 percentt decline, in line with projections. (NYSE: GPS) said its same-storwe sales fell by 6 percent, compared with expectations of a 5percengt fall. Macy’s has projected full-year profitxs of 40 cents to 55 cents per excluding restructuring costs stemming from itscompanywidr reorganization, part of its My Macy’sw merchandising program. That said, the retailefr hedged that it will beat this guidance if the economu improves in the second half ofthe year.
Annuak sales, it has said, are expecte d to decline by 6 percent to 8 with spring expected to be weaker than the in part due to stronger performanceslast Macy’s operates roughly 845 departmenty stores under the namex Macy’s and Bloomingdale’s. Macy's servese as an anchor storw at all five of the malla inthe Raleigh-Durham area – Crabtree Vallegy Mall and Triangle Town Center in Raleigh, The Streetx at Southpoint and Northgat Mall in Durham, and Cary Town Center in