Macy’s profit slips, forecast lowered

Cincinnati – Macy’s today reported a 1.35% decline in profit to $73 million, or 17 cents per share, and subsequently lowered its outlook for the year.

Results were impacted by $26 million in costs to consolidate three Macy’s divisions, a move announced this past February. The company said the initiative will reduce costs by about $100 million annually beginning in 2009.

Results for the second quarter ended Aug. 2 also included non-cash asset impairment charges of $50 million related to private brand tradenames acquired in the merger with The May Department Stores Company in 2005.

Sales in the second quarter slipped 3.0% to $5.7 billion, with comps down 2.1%.

Macy’s cut its profit projection for the year to a range of $1.70 to $1.80 per share. It had previously forecast EPS of $1.70 to $1.85. Macy’s also said it expects a comp decline of roughly 1.6% for the year.

Home Textiles Today Staff | News & Commentary

Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Research Store

Featured Video

Subscribe to
Home Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT November 2017 cover

See the November 2017 issue of Home Textiles Today. In this issue, we look at Complex Colors, Complex Times--Trend forecasters and interior designers weigh in on 2018 palettes and motifs.  Other articles include: Data: Exclusive HTT soft window research; Innovation: Material Changes conference preview; Country report: India invests in the future and Fabrics: Showtime preview.  See details!