Washington, DC, April 17, 2006--Federated Department Stores said it expects to add 400 Macy's department store locations nationwide in the current fiscal year ending Feb. 3, 2007, as it converts the regional department-store nameplates acquired through its acquisition of May Department Stores last August.
The operator of department stores said in its annual report filed Thursday with the Securities and Exchange Commission it has budgeted capital expenditures of $1.6 billion for the current fiscal year, about $1.1 billion for the fiscal year ending Feb. 2, 2008, and $1.2 billion for the year ending Jan. 31, 2009.
Federated Department Stores said it expects to fund the planned expenditures with cash from operations.
The company said it plans to open four new department stores, one new furniture gallery, reopen one or two of the former May stores being converted to Bloomingdale's and reopen some of the five hurricane-related closings in Florida and Louisiana before the fourth quarter.
During the year ended Jan. 28, Federated Department Stores said it opened two new Macy's department stores, and it has opened six new department stores under legacy May nameplates since the acquisition. May store nameplates include Famous-Barr, Filene's, Foley's, Hecht's, Kauffmann's, L.S. Ayres, Marshall Field's, Meier & Frank, Robinsons-May, Strawbridge's and the Jones Store, according to the filing.
The company said as of Jan. 28, it operated 868 retail stores.
