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, the company lost 3 cents per share in the third quarter of 2009 compared with a loss of 8 cents per share in the same period in 2008. 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.
In the third quarter of 2009, restructuring charges were$23 million after tax; 5 cents per share related to division consolidations and localization initiatives announced in February 2009 that were designed to reduce costs and make the company more locally responsive to customers. In the third quarter of 2008, restructuring charges related to division consolidations and localization initiatives announced in 2008 were $10 million after tax; 2 cents per share.
Sales in the third quarter totaled $5.277 billion, down 3.9% from total sales of $5.493 billion in the third quarter of 2008. On a same-store basis, Macy's, Inc.'s third quarter sales were down 3.6 percent. Eleven analysts had consensus revenue estimate of $5.25 billion for the quarter. Analysts expect the company to report earnings of $1.09 per share for fiscal 2009.
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