April 1, 2009 |
Macy's Inc. said it would book a $5.1-billion after-tax charge to write down the value of goodwill in 2008. The charge falls within the range of the Cincinnati-based department store retailer's forecast of $4.5 billion to $5.5 billion. Goodwill represents certain values a company has beyond its physical assets, such as its brand, customers and reputation. The impairment charge, which totals $12.07 a share, is mainly the result of the weak economic environment and the decline in Macy's share price, which fell 60% in 2008.
October 11, 2008 |
Macy's Inc. said Friday that fiscal-year profit would fall more than it had forecast as the U.S. economy and consumer confidence weaken. Macy's is the latest retailer to project earnings declines as the global credit crisis deepens, retirement accounts plunge and shoppers spend less. Department stores have been hit especially hard because people aren't spending much on anything other than the basics. J.C. Penney Co., Kohl's Corp. and Nordstrom Inc. projected earnings declines earlier this week.
August 14, 2008 |
Macy's Inc. posted lower second-quarter profit Wednesday and warned that its full-year earnings would be below expectations. Macy's earned $73 million, or 17 cents a share, in the quarter that ended Aug. 2, compared with $74 million, or 16 cents, a year earlier. Excluding two one-time items, Macy's earned 29 cents a share from continuing operations. Analysts surveyed by Thomson Reuters had expected earnings of 19 cents a share on revenue of $5.75 billion. Revenue fell 3% to $5.7 billion, while same-store sales, or sales at stores open at least a year, dropped 2.1%.
February 27, 2008 |
Macy's said its fiscal fourth-quarter profit edged up 2.3% as a tax settlement helped offset weaker-than-expected sales. The department store operator said profit rose to $750 million, or $1.73 a share, in the three months ended Feb. 2, from $733 million, or $1.40, a year earlier. But revenue fell 6% to $8.59 billion. Excluding integration costs stemming from its acquisition of May Department Stores Co. in 2005, a tax settlement and other items, net income was $1.65 a share, a nickel ahead of the estimate of analysts surveyed by Thomson Financial.
February 7, 2008 |
Macy's Inc. announced a restructuring Wednesday that involves cutting 2,300 jobs and closing some division headquarters as the department store operator tries to reduce costs and offset declining sales. Macy's also said January sales at stores open at least one fiscal year fell a more-than-expected 7.1% and forecast fourth-quarter earnings that, excluding a tax credit, would miss current Wall Street targets.
December 29, 2007 |
Macy's Inc. said it would close nine poor-performing stores and cut 899 jobs. The stores to be shuttered are in Ohio, Louisiana, Utah, Indiana, Oklahoma and Texas. All the stores were acquired when the chain bought May Department Stores Co. in 2005, spokesman Jim Sluzewski said. The Cincinnati-based retailer said it expected to open five new stores in 2008 and six to eight more in 2009.