More Videos
ALSO IN EARNINGS
- Greek Cabinet Approves EU, IMF Bailout Bill
- We're Not Greece: Italian Prime Minister Monti
- Private Homebuilders in the US: Dead Men Walking
- Dividend Payout Could Hit Record Amount This Year
- With Investors So Bullish, Stock Pullback Must Be Ahead
- Obama Likely to Call for Cutting Top Corporate Tax Rate
- New York Fashion Week Fall 2012
- NetNet: Why Saving Greece Could Destroy the World
- My Funny Valentine: When Love and the Fed Collide
MOST SHARED
- Obama Likely to Call for Cutting Top Corporate Tax Rate
- Greek Debt Saga Back on Center Stage for Markets
- Special Feature: Wall Street History - How Wall Street Got Its Name
- Obama to Project $901 Billion Budget Deficit in 2013
- Private Homebuilders: Dead Men Walking
- To Play Senate Cybersecurity Bill, Cramer Likes Fortinet Stock
- Consumer Sentiment Falters, Despite Job Growth
- Should Zuckerberg Get Capital Gains Treatment for His Facebook Stock?
- We're Not Greece: Italian Prime Minister Monti
- Mad Money, February 10, 2012
MOST POPULAR
HOT ON FACEBOOK
Macy's Posts Smaller-than-Expected Loss
Text Size 
Department store operator Macy's posted a smaller-than-expected loss on Wednesday, and reiterated its forecast for the year.
 |
Steven Senne / AP |
However, the company warned that if the deteriorating sales trends from the latter half of the third quarter continue through the fourth quarter, sales and earnings are expected to be toward the lower end of its earnings forecast.
In the latest period, Macy's [M
Loading...
()
] swung to a loss of $44 million, or 10 cents a share, from earnings of $33 million, or 8 cents a share, a year earlier.
The loss in the latest period included a 2 cent consolidation cost. Excluding that charge, the company would have lost 8 cents a share.
Analysts, on average, were expecting a loss of 19 cents a share, according to Reuters Estimates.
Sales fell to $5.49 billion from $5.91 billion.
Looking ahead, Macy's expects to earn between $1.30 and $1.50 a share, excluding consolidation costs and asset impairment charge, for the year.
In the fourth quarter, earnings are expected to be between $1.10 and $1.30 a share, and same-store sales are projected to be down 1 percent to 6 percent.
(Watch the accompanying video for insight on how retail is faring and gidding deeper into Macy's results...)
The company also said it's cutting its 2009 capital spending to $550 million to $600 million, from a prior estimate of $1 billion.
In October, Macy's slashed its full-year forecast, warning that sales could fall sharply in the back half of the fiscal year as shoppers stick to buying necessities.
During the quarter, shoppers watched as a financial crisis swept across the globe, erasing trillions of dollars in wealth and raising the prospect of a deep global recession. Even wealthier shoppers pared spending, spooked by falling stock portfolios and declining real estate values.
-Reuters contributed to this story.
- Marketing clichés aside, sometimes diamonds are for investing.
- The ‘Fast Money’ traders weigh in on fashion related stocks from apparel to footwear.
- This list of the 10 most active cities for speed traps was compiled by Trapster.com. See if your town is there.
- This Valentine’s Day should prove a love fest for restaurants, as many couples will be dining out.
- Here’s a look at Westminster Kennel Club’s most successful breeds—and how much they cost.
- What kind of homes do celebrity couples share? Here’s our updated list. Take a look.
Data is a real-time snapshot *Data is delayed at least 15 minutes
