Macy's Posts $59 Million First-Quarter Loss

Macy's Posts $59 Million First-Quarter Loss
May 15, 2008

Cincinnati-based Macy's Inc. posted a $59 million loss in its first fiscal quarter, ended on May 3, compared to a $36 million profit last year, according to Reuters.com. Macy's first-quarter sales dropped 3 percent to $5.75 billion, while same-store sales decreased 2.6 percent. While the company said it's poor performance was impacted by restructuring costs and decreasing sales, it also stood by its full-year earnings forecast. "Given the very difficult economic environment, our company performed relatively well compared to the competition in the first quarter," said Terry Lundgren, chairman, president and CEO of Macy's. "Earnings per share are on track to deliver the annual guidance provided at the outset of the year." The retailer still predicts that same-store sales for its fiscal year will range from a 1 percent decline to a 1.5 percent increase.

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