Sponsors
Billabong ▲ +0.005 | PPR ▲ +4.00 | American Apparel ▼ -0.008 | The Buckle ▲ +1.45 | Columbia ▲ +0.05 | Deckers Outdoor ▼ -2.11 | Dicks ▲ +0.17 | Foot Locker ▲ +0.45 | Genesco ▲ +0.50 | Iconix Brand Group ▲ +0.46 | Jarden Corp ▲ +3.29 | Nordstrom ▲ +0.73 | Luxottica ▲ +0.87 | Nike ▲ +0.51 | Pacific Sunwear ▲ +0.02 | Skullcandy ▲ +0.29 | Sport Chalet - 0 | Urban Outfitters ▲ +0.65 | VF Corp ▼ -0.43 | Quiksilver ▼ -0.20 | Zumiez ▲ +1.02 | Macys ▲ +0.77 | Tillys ▲ +0.15 |
Ticker Sponsor
Readers Say
Keeps me in the loop
Keeps me in the loop

Being an Executive Edition member allows me to not miss a beat when it comes to the Industry business news. Definitely keeps me in the loop plus goes great with my morning joe.

- By Tony Perez, Surfer and Surfing magazines
Executive Edition is a must have
Executive Edition is a must have

Before Shop-Eat-Surf, there were two sites I paid for premium content on. One is Surfline, the other is the Wall Street Journal. One is about all things surf, the other, the best business content site in the world. Shop-eat-surf is the intersection of those two worlds. Shop-Eat-Surf provides everything from coverage of events, people, brands and trends. However, beyond the Executive Edition "wall" is more meaty analysis and interpretation of financial statements, business models and brand philosophies; why certain brands and companies are succeeding, where others aren't. The Executive Edition is a must have read if the business of surf and action sports are on your radar screen.

- By Jeff Berg, Co-owner, Surfline
Industry Insight

TAYLOR DIGITAL: Website tools to increase sales. SURFRIDER: Rise Above Plastics campaign.

Details on Industry Insight.


Tiffany Montgomery
Print This Article

Macy's cuts forecast as comp sales fall

By Tiffany Montgomery
October 10, 2008 6:10 AM

Macy's, which previously gave up reporting monthly same-store sales results, provided an update on its business this morning. As you may have guessed, the news isn't good.
The company said same-store sales in August and September combined fell 5.8 percent. Year-to-date same-store sales (through September) company-wide are down 3.2 percent. If the weak trends continue, same-store sales could be down 3 to 6 percent for the fall season. Previously, the company had forecast same-store sales for that time frame to be down 1 percent to flat.

As a result, Macy's lowered its guidance to $1.30 to $1.50 for fiscal 2008, vs. its previous estimate of $1.70 to $1.85 per diluted share.

The company stressed in the press release that its balance sheet is still in good shape. It said cash flow has improved despite lower sales as the company suspended its share repurchase program, reduced capital spending and tightly managed inventory and expenses. The company had approximately $740 million in cash and cash equivalents at the end of September, according to the release.


 


More on: Macy's, forecast, sales

Articles You Might Have Missed