CINCINNATI-Federated Department Stores’ sales slid 0.2%, at just more than $5.9 billion during the company’s first quarter. Same-store sales for the period, which ended May 5, inched up 0.6%, though operating income came in at $208 million, up from $20 million during the same year-ago period.

The home and furniture business at Macy’s chain were hit particularly hard during the quarter and apparel sales were down as well in April. Executives say they are concerned about the overall consumer and economic environment but expect sales trends to improve through the year.

Management also says sales were down in stores that were converted into Macy’s units last year as a result of the acquisition of May Department Stores. “We need to bring more customers into these new trade areas to try the Macy’s store,” says Karen Hoguet, Federated’s chief financial officer.

To combat the slump in the new stores, Federated will engage in more public-media advertising as opposed to direct mailings, Hoguet says.

Federated opened five new Macy’s, in Austin, TX; Bolingbrook, IL; Boston and Hyannis, MA; Collierville, TN, as well as a Bloomingdale’s, in Costa Mesa, CA. The company closed a Macy’s in Salt Lake City and operates about 850 stores nationwide.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.