Macy's Reports Slightly Lower Second-Quarter Profit
Macy'sreported a slightly lower quarterly profit Wednesday, saying it outperformed its major competitors despite economic pressures.
The company, which operates its namesake and Bloomingdale's chains, said it earned $73 million, or 17 cents a share, in its fiscal second quarter ended Aug. 2, compared with $74 million, or 16 cents a share, a year earlier.
Excluding unusual items, Macy's said it earned 29 cents per share, even with a year before.
Analysts on average had expected a profit of 19 cents per share.
Macy's is trying to trim costs and improve sales, which have suffered in the weak U.S. economy as shoppers pull back spending, pinched by high gasoline and food prices and a reluctance to spend discretionary income on clothes, jewelry and furniture.
Macy's Chief Executive Officer Terry Lundgren said the company "continued to outperform most of our major competitors" due to "a combination of differentiated merchandise, current fashions and great value."