Macy's posts $44 million loss in 3rd quarter

Get the latest Flash player

employmentcrossing
November 19, 2008

http://www.EmploymentCrossi... Macys announced Wednesday its sales dropped 7 percent in the 3rd quarter amid a dramatic drop in consumer spending. The department store giant also cut its budget for...

http://www.EmploymentCrossing.com Macys announced Wednesday its sales dropped 7 percent in the 3rd quarter amid a dramatic drop in consumer spending. The department store giant also cut its budget for 2009 capital expenditures by almost half to help survive the deteriorating economy. The Cincinnati-based chain reiterated its profit outlook, saying it would be at the lower end of the range if current sales trends continue. Macys says in all it lost $44 million, thats about 10 cents per share, after a $33 million profit at 8 cents a share last year. The company said sales fell to almost $5.5 billion from $5.9 billion a year earlier. Macys chairman, president and chief executive Terry Lundgren said in a statement, Macys Inc remains financially healthy, with strong cash flow, a solid balance sheet and ample borrowing capacity. We are committed to continuing to aggressively manage expenses and inventories consistent with planned sales levels. In February, Macys announced a reorganization that dispersed more managers to local markets. In the plan the company also combined three regional divisions and eliminated nearly 2,300 management jobs. To continue to set themselves apart from competitors Macys expanded its offering in exclusive merchandise. This past fall, it became the exclusive department store retailer for Tommy Hilfiger U.S.A. men's and women's sportswear. It also has a partnership with FAO Schwarz to open toy stores in close to 700 Macy's stores across the country; about 75 full-size FAO toy stores have opened in the department store chain this fall. Macy's expects earnings in the range of $1.10 to $1.30 per share in the fourth quarter. Analysts surveyed by Thomson Reuters forecast $1.37 per share for the year, and $1.24 per share in the fourth quarter

Category: News & Politics

Tags:

Macy's posts $44 million loss in 3rd quarter Macys EmploymentCrossing sales retail jobs FAO Schwarz Tommy Hilfiger

More From: employmentcrossing

Play All Stop Autoplaying | Play Next

QuickList(0)

Clear | Save

Would you like to comment?

Join YouTube for a free account, or sign in if you are already a member.

YouTube	Programs	Help	Policy	Discover
Contact Us	Advertising	Get Help	Privacy Policy	YouTube on Your Phone
YouTube Store	Developers	YouTube Handbook	Terms of Service	YouTube on Your Site
Press Room	Partnerships	Community Help Forums	Copyright Notices	YouTube on Your TV
Business Blog	Content Management	Safety Center	Community Guidelines	YouTube RSS Feeds
YouTube Blog		Creator's Corner		TestTube

Add YouTube to your Google homepage

Current Location: Worldwide Show locations

Macy's posts $44 million loss in 3rd quarter

More From: employmentcrossing

QuickList(0)

Featured Videos

Statistics & Data

Video Responses (0)

Text Comments (0) Options

Would you like to comment?

Macy's posts $44 million loss in 3rd quarter

More From: employmentcrossing

QuickList(0)

Related Videos

Featured Videos

Statistics & Data

Video Responses (0)

Text Comments (0) Options

Would you like to comment?