Macy's, Inc. (M) reported that its third-quarter net loss was $35 million or $0.08 per share, compared to a loss of $44 million or $0.10 per share in the same quarter last year.
Excluding restructuring costs, net loss for the quarter was $0.03 per share, compared to a loss of $0.08 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.07 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the third quarter were $5.277 billion, down 3.9% from $5.493 billion in the third quarter of 2008. Ten analysts had consensus revenue estimate of $5.25 billion for the quarter. On a same-store basis, Macy's, Inc.'s third quarter sales were down 3.6%.
The company currently expects same-store sales to be down 1% to 2% in the fourth quarter of 2009, which calculates to down 2.1% to 2.6% in the second half of 2009. This is better than previous guidance for second half same-store sales to be down 5% to 6%.
At the level of current guidance for the fourth quarter, full-year 2009 same-store sales are expected to be down between 5.4% and 5.7% - better than the company's original guidance, provided at the beginning of the year, for fiscal 2009 same-store sales to be down between 6% and 8 %.
Macy's. is assuming fourth quarter earnings per share on a diluted basis will be $1.00 to $1.05 per share, excluding restructuring-related costs. At the level of current guidance for the fourth quarter, full-year 2009 diluted earnings per share will be $1.01 to $1.06, excluding restructuring-related costs. This is an increase from previous guidance for $0.70 to $0. 80 per share on the same basis. Analysts expect the company to report earnings of $1.11 per share for fiscal 2009.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.