Macy's encouraged despite posting quarterly loss

November 12, 2009

As it heads into the holiday shopping season, Macy's Inc. might be on shakier ground than some thought. The department store chain said Wednesday that it lost money during the third quarter and predicted that it would earn less during the holidays than Wall Street analysts had expected. That raised concerns that Christmas spending could be weak and sent Macy's shares tumbling. Retail giants Wal-Mart Stores Inc. and Kohl's Corp. are scheduled to release their earnings today. The Cincinnati-based retailer lost $35 million during the three months ended Oct. 31, or 8 cents a share. That was a smaller loss compared with the same quarter last year, when the company lost $44 million, or 10 cents a share. Sales were also down, falling 3.8 percent to $5.3 billion from $5.5 billion in the third quarter of 2008, when retail sales began to fall quickly. .

- Tribune Newspapers

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