Macy's reports $35-million loss, calls it 'excellent'

Macy's Inc. posted another quarterly loss Wednesday as consumers continued to scrimp on purchases, but the department store chain said the results were stronger than expected and that it was encouraged by its new, locally focused merchandise structure.

The company said it lost $35 million, or 8 cents a share, for the third quarter ended Oct. 31, compared with a loss of $44 million, or 10 cents, for the same period a year earlier.

Sales totaled $5.3 billion, down 3.9% from $5.5 billion in the third quarter of 2008. Sales at stores open at least a year were down 3.6%.

Still, Chief Executive Terry Lundgren said the results were "excellent" given the difficult economic climate.

Read Full Article from Los Angeles Times

- Posted: 2009-11-11 12:13:19

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