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Macy’s Beats Profit Estimates, But Lowers Earnings ForecastMacy’s Inc., the department store chain, reported quarterly profit yesterday that exceeded analysts’ estimates but lowered its earnings forecast because of sluggish sales. The company, which owns Bloomingdale’s and Macy’s, said second-quarter net income fell 77 percent, to $74 million, or 16 cents a share, from $317 million, or 57 cents a share, a year earlier, when it had one-time gains. Slowing demand for clothes limited sales growth across its Macy’s chain, the chief financial officer, Karen M. Hoguet, said during a conference call. The company, which is based in Cincinnati, lowered costs by reducing marketing and retirement expenses in the quarter, she said. Macy’s lowered its annual profit forecast by 30 cents a share, to $2.15 to $2.30, excluding merger costs, because of the sales shortfall. It cut the annual sales forecast to $26.5 billion to $26.8 billion. Excluding the costs of integrating May Department Stores locations acquired in 2005, Macy’s said it would have had profit of 29 cents a share, beating the 26-cent average estimate of analysts. “We did see improving sales trends through the quarter in former May Company stores and in home-related merchandise categories,” the chief executive, Terry J. Lundgren, said in a statement. “We are optimistic that our business can and will improve in the second half of the year, despite what appears to be a more challenging economic environment.” Merger costs for the year will be $150 million to $160 million, more than the company’s previous projection of $125 million. Revenue in the period, which ended Aug. 4, fell 1.7 percent, to $5.89 billion, the company said last week. Sales at stores open at least a year fell 2.6 percent, missing its expectations for a gain of as much as 2 percent, also already trimmed. Tag CloudExternal InformationAdditional InformationWorld Business Briefing: New Bid for Energy Concern...EBay Revises Its Ambitions for Skype... Dow Chemical Profit Up 2 Percent... Britain Cuts Rates; European Bank Stands Pat... Where Am I?News Main Page - Business - Macy’s Beats Profit Estimates, But Lowers Earnings Forecast |
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