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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.