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Updated: 9:28 a.m. Wednesday, April 28, 2010 | Posted: 9:27 a.m. Wednesday, April 28, 2010

Macy’s upgrades its 2010 financial expectations

Staff Report

CINCINNATI — Macy’s Inc. said it expects sales at stores open at least a year to increase by about 3 percent for this year over 2009, compared to its previous expectation of a 1 to 2 percent improvement.

The retailer’s more optimistic projection is another sign that the recession is easing and consumer spending is picking up.

The company, which operates Macy’s and Bloomingdale’s stores, said it now expects to earn $1.75 to $1.80 per share for fiscal 2010, up from its prior projection of $1.55 to $1.60 per share.

The company said it expects earnings per share for the first quarter, which ends this Saturday, May 1, to be break-even. Those results will include $27 million in premiums and fees related to buying back debt. In the first quarter a year ago, Macy’s lost 16 cents per share, excluding costs of corporate restructuring.

The Cincinnati-based company operates about 850 department stores nationwide, including Macy’s stores at Dayton Mall and the Mall at Fairfield Commons. Its 2009 sales totaled $23.5 billion.

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