Macy’s Sells Distribution Facility

Macy’s Inc. (M - Analyst Report) recently notified that it has completed the sale of its St. Louis-based distribution facility, measuring approximately one million-square-foot, for $2 million to 3728 Market Street LLC. The retailer in 2008 had shifted its distribution facility to Bridgeton. 

Initially, Macy’s had asked for $12.7 million for the property. However, the building, which was put up for sale in late 2007 fell prey to the battered real estate market.
 
Macy’s, which operates department stores in the United States, sells a wide range of merchandise. These include men’s, women’s, and children’s apparel and accessories; cosmetics; home furnishings and other consumer goods.
 
Macy’s November sales fell 6.3% to $2,177 million from $2,324 million posted in the same month last year. Online sales, which include macys.com and bloomingdales.com, sustained their growth momentum in November and jumped 22.6%. The company’s comparable-store sales for the month of November 2009 fell 6.1%.
 
Macy’s notified that November sales were negatively impacted by the shift of a sales event into December and warm weather, affecting the sales of sweaters, coats and other winter garments. However, the retailer reported robust sales on Black Friday.
 
Macy’s reiterated that it still expects fourth-quarter 2009 comparable-store sales to decline in the range of 1.0% to 2.0%. The company also reaffirmed its earnings outlook between $1.00 and $1.05, excluding restructuring costs. 

Macy’s currently operates more than 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico.

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