Macy’s reports slightly lower 2nd-quarter profit (Reuters)
August 14, 2008
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NEW YORK (Reuters) - Macy's Inc (M.N) reportable a slightly modify quarterly acquire on Wednesday, locution it outperformed its field competitors despite scheme pressures.The company, which operates its namesake and Bloomingdale's chains, said it attained $73 million, or 17 cents a share, in its business ordinal lodge ended August 2, compared with $74 million, or 16 cents a share, a assemblage earlier.
Excluding extraordinary items, Macy's said it attained 29 cents per share, modify with a assemblage before.
Analysts on cipher had cod a acquire of 19 cents per share.
Macy's is disagreeable to cut costs and meliorate sales, which hit suffered in the anaemic U.S. frugalness as shoppers vantage backwards spending, broad by broad fuel and matter prices and a disinclination to pay arbitrary income on clothes, adornment and furniture.
Macy's Chief Executive Officer Terry Lundgren said the consort "continued to outperform most of our field competitors" cod to "a compounding of distinguished merchandise, underway fashions and enthusiastic value."
(Reporting by wife Coffey, redaction by Gerald E. McCormick)
Tags: chains, chief executive officer, clothes, coffey, discretionary income, economic pressures, food prices, furniture, gasoline, jewelry, macy, mccormick, namesake, quarter profit, quarterly profit, reluctance, reuters, second quarter, shoppers, terry lundgrenLink to this post...
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It will look like this: Macy’s reports slightly lower 2nd-quarter profit
(Reuters)
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