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Macy's first quarter results better than expected

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May 13, 2009 6:34 AM

Macy's, the largest department store customer for the action sports industry, reported this morning that its first quarter loss was narrower than planned though wider than the first quarter last year, reflecting the tough retail climate.

The company reported a net loss of 16 cents per share, excluding charges, which was better than the loss of 19 to 21 cents expected. Including the $158 million in restructuring charges, the company lost 21 cents per share.

In the first quarter of 2008, the company lost 14 cents per share, excluding charges.

Total sales fell 9.5 percent to $5.2 billion, while same-store sales dropped 9 percent. Online sales for Macy's and Bloomingdale's combined rose 16.2 percent. Online sales are included in same-store sales totals.

After consolidating regional divisions, the company expects to save $250 million in 2009 and $400 million annually beginning in 2010.

For 2009, Macy's expects sales to be down 6 to 8 percent. Earnings per share should range from 40 to 55 cents per share, excluding costs. If the economy improves in the second half of the year, the company said it could beat that guidance.

 


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