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Friedman Stroffe & Gerard, P.C.

FSG’s Action Sports Practice Group provides legal services to the action sports industry. Our clients include surfers, skiers, snowboarders and skaters, as well as sponsors and leading apparel companies. Our attorneys serve in positions with industry organizations such as the Association of Surfing Professionals. We know your business and can provide full-service legal solutions to meet your organizational needs.

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Tiffany Montgomery
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Macy's says Q3 better than expected

By Tiffany Montgomery
November 11, 2009 6:13 AM

Macy’s reported third quarter results this morning that exceeded the company’s expectations in same-store sales, gross margin, earnings and cash flow.

Macy’s, the largest department store customer for the action sports industry, actually sounded upbeat – a rare emotion in the retail world these days. It also raised its full-year guidance.

Wall Street didn't like the company's fourth quarter guidance, however. Share are trading down 5.7% in pre-market trading.

Here are some highlights from the quarter:

Sales: down 3.9% to $5.3 billion

Same-store sales: down 3.6%

Online sales: up 21.1%

Net loss: $35 million vs. a net loss of $44 million the same period last year

Gross margin: 40.2% vs. 39.5%

Cash: The company ended the quarter with $489 million in cash. Cash flow has been strong enough that Macy’s could fund buying with cash during peak periods without tapping its credit lines.

Q4 guidance: Same-store sales are expected to be down 1% to 2%. Earnings per share should range between $1 and $1.05

Full year guidance: Same-store sales down 5.4% to 5.7%, better than the 6% to 8% decline expected. Earnings per share are expected to range from $1.01 to $1.06, better than the previously forecast of 70 to 80 cents per share.

 


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