Macy's Reduces Outlook

Macy's Inc.'s reversed a year-earlier loss in its fiscal third quarter caused by charges as an unseasonably warm fall conspired against retailers' sales.

The nation's largest department store operations also cut sales expectations.

The Cincinnati-based department-store operator reported net income of $33 million, or eight cents a share, compared with a year-earlier net loss of $3 million, or one cent a share. The latest quarter included 2 cents in acquisition costs, down from 17 cents a year earlier. The prior year also had a 4-cent loss from discontinued operations.

The mean estimate of analysts surveyed by Thomson Financial was looking for earnings of seven cents a share.

Read Full Article from Wall Street Journal

- Posted: 2007-11-14 10:21:56

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