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 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.