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Macy's sales fall in weak environment
By TIFFANY MONTGOMERY
August 13, 2008 07:39 AM
August 13, 2008 07:39 AM
Macy's reported a tough second quarter this morning with total sales falling 3 percent to $5.7 billion. Same-store sales fell 2.1 percent.
Profits fell slightly to $73 million vs. $74 million the the same quarter last year.
The company lowered its earning forecast for the year, citing weak consumer spending. The company expects earnings per share for the year to be in the range of $1.70 to $1.85. Analysts had expected $1.86 per share for the full year.
Separately, the Commerce Department said that July's retail sales fell 0.1 percent from June, the weakest showing in five months.
However, retail sales in July were 2.6 percent higher than July, 2007.
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