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Macy’s third-quarter loss less than expected

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Staff Report 11:03 AM Wednesday, November 11, 2009

CINCINNATI — Macy’s Inc. lost money in the third quarter, but said the results exceeded its expectations in a year in which the recession has hammered sales for many retailers.

For the quarter ended Oct. 31, Macy’s lost $35 million, or 8 cents per share, compared with a loss of $44 million, or 10 cents per share, for the third quarter of 2008, the company reported on Wednesday, Nov. 11. Those results included costs of the retailer’s restructuring.

Sales for the latest quarter were $5.3 billion, down by 4 percent from $5.5 billion a year earlier. Sales at stores open for at least a year were down 3.6 percent from a year ago.

Online sales, however, for the macys.com and bloomingdales.com Web sites combined were up 21 percent from a year ago.

In light of the nation’s economic slump, it was “an excellent quarter,” said Terry Lundgren, the company’s chairman, president and chief executive officer. Sales improved progressively during each month of the quarter, he said.

Macy’s operates stores at Dayton Mall and the Mall at Fairfield Commons. The company operates more than 850 department stores nationwide under the names Macy’s and Bloomingdale’s.

The company revised its earnings guidance upward for the fourth quarter, the critical period of holiday sales for retailers. Macy’s said it projects earnings of $1 to $1.05 per share, compared with prior guidance of 70 to 80 cents per share. Those figures exclude Macy’s restructuring costs, management said.

With signs that the economy may be improving, Macy’s now expects that sales at stores open at least a year will be down 2 to 2.6 percent in the second half of 2009 from a year earlier, compared to the prior expectation of a drop of 5 to 6 percent.

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