UPDATE 1-Macy's to resume monthly sales reports

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ATLANTA Oct 24 (Reuters) - Macy's Inc (M.N) said on Friday that it will temporarily reinstate monthly reports of its sales to keep investors updated, as a global market meltdown raises new concerns for the retail business.

The parent of Macy's and Bloomingdale's said it will report October sales at stores open at least a year on Nov. 6, and will continue to report monthly sales until further notice.

"We want to provide investors as much information and transparency as possible," Macy's Chairman and Chief Executive Terry Lundgren said in a statement.

In February, Macy's said it would stop reporting monthly same-store sales, an important measure of retail performance. At the time, the retailer said monthly sales cause undue confusion because of calendar and promotional shifts.

Lundgren said Macy's still believes monthly sales are an incomplete and sometimes misleading gauge, but added that Macy's wants to give investors "a sense of the direction of our business on a more frequent basis through this uncertain time."

A number of Macy's smaller department store peers have filed for bankruptcy protection this year, including Mervyns on the West Coast.

Retail watchers say many more chains are vulnerable as the slumping U.S. economy and credit crunch lead consumers to curb spending and make obtaining business financing harder.

Macy's also declared a regular quarterly dividend of 13.25 cents per common share, payable Jan. 2 to shareholders of record on Dec. 15.

Macy's shares were down 32 cents, or 3 percent, to $9.29 in morning trading as recession fears sparked a global market sell-off. The stock has fallen 65 percent this year. (Reporting by Karen Jacobs, editing by Gerald E. McCormick)