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Macy's delivers excellent performance in Q3
12
Nov '09
Macy's, Inc. reported improved third quarter results that exceeded the company's expectations for same-store sales, gross margin, earnings and cash flow.

"Given the difficult economic climate, we had an excellent quarter. Our business improved progressively each month during the period and we are entering the holiday selling season confident in our locally-focused organizational structure and the high caliber of our talent," said Terry J. Lundgren, Macy's, Inc. chairman, president and chief executive officer.

Macy's, Inc. lost 8 cents per diluted share for the third quarter of 2009, ended Oct. 31, 2009. This compares with a loss of 10 cents per share in the same period last year. Excluding restructuring costs, the company lost 3 cents per diluted share in the third quarter of 2009 compared with a loss of 8 cents per share in the same period in 2008. In the third quarter of 2009, restructuring charges were $33 million ($23 million after tax; 5 cents per share) related to division consolidations and localization initiatives announced in February 2009 that were designed to reduce costs and make the company more locally responsive to customers. In the third quarter of 2008, restructuring charges related to division consolidations and localization initiatives announced in 2008 were $16 million ($10 million after tax; 2 cents per diluted share).

"We continue to see encouraging results from our My Macy's approach to local markets. Of our Top 10 districts in same-store sales in the third quarter, seven were among the original My Macy's pilot districts," Lundgren said. "Other bright spots in the third quarter included a strong sales performance at Bloomingdale's and outstanding growth in our Internet businesses, which are being fueled by the ongoing multi-channel integration at both Macy's and Bloomingdale's."

For the first three quarters of 2009, Macy's, Inc. reported a loss of 27 cents per diluted share, compared with a loss of 7 cents per diluted share in the same period in 2008. Excluding restructuring-related costs of $205 million ($120 million after tax; 28 cents per diluted share), earnings were 1 cent per diluted share in 2009 to date. In the first three quarters of 2008, diluted earnings per share were 20 cents, excluding restructuring-related costs of $129 million ($81 million after tax; 19 cents per diluted share) and asset impairment charges of $50 million ($31 million after tax; 8 cents per diluted share).

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Macy's, Inc

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