Reorganizing Macy reports stronger 2nd-quarter gains

March 16, 1994|By New York Times News Service

NEW YORK -- R. H. Macy & Co. reported markedly stronger second-quarter earnings yesterday, building up its ammunition as it prepares to bargain with creditors over a plan to emerge from bankruptcy.

Citing better profit margins and strict cost controls, the company said profits soared to $60.4 million in the quarter that ended Jan. 29, compared with $8.9 million in the corresponding period a year ago.

During the quarter, Macy eliminated about $68 million of expenses. The savings were evident in the increase in its earnings before interest, taxes, depreciation and amortization. Those earnings were $227.2 million in the second quarter, compared with $141.1 million in the year-earlier period.

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