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Macy's reports 59 percent drop in 4Q profit
Yahoo ^ | 2/24/09 | staff

Posted on 02/24/2009 7:19:58 AM PST by Nachum

NEW YORK (AP) -- Macy's Inc. reported an almost 59 percent drop in fourth-quarter earnings Tuesday as its results were dragged down by weak sales and one-time costs associated with the consolidations of regional divisions and store closings.

The Cincinnati-based company said Tuesday that in the three months ended Jan. 31, it earned $310 million, or 73 cents per share. That compares with $750 million, or $1.73 per share, a year earlier.

Sales fell 7.7 percent to $7.93 billion from $8.59 billion a year ago. Same-store sales, or sales at stores opened at least a year, fell 7 percent. Same-store sales are considered a key indicator of a retailer's health

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: 4q; drop; macys; reports

1 posted on 02/24/2009 7:19:58 AM PST by Nachum
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To: Nachum

good night irene. wow.


2 posted on 02/24/2009 7:20:39 AM PST by se_ohio_young_conservative ("A ship in harbor is safe, but that is not why the ship is built" Sarah Palin)
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To: Nachum

Makes sense. My 401K is worth only half of what it was worth this time last year. Grrrrr!

And more fun to come, I’m predicting!


3 posted on 02/24/2009 7:21:37 AM PST by Diana in Wisconsin (Save The Earth. It's The Only Planet With Chocolate.)
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To: Diana in Wisconsin

my mother in law plans on working til she is like 80.


4 posted on 02/24/2009 7:23:18 AM PST by se_ohio_young_conservative ("A ship in harbor is safe, but that is not why the ship is built" Sarah Palin)
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To: Nachum

Look on the bright side...at least it earned $310 million.


5 posted on 02/24/2009 7:24:06 AM PST by SonOfDarkSkies
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To: se_ohio_young_conservative

Macy’s is still smarting over their decisions to consolidate many regional department store chains and turn them all into Macy’s stores.

Overall their sales are reported down by 7%, but there is strong anectodal evidence that it’s down by close to 50% in Chicago and the midwest where these stores used to be Marshall Field’s. There is so much anger still at Macy’s management for taking away the Marshall Field stores. There have been boycotts and demonstrations in Chicago over this.

Then this recession hits then hard too. It’s a perfect storm of bad news for Macy’s management.


6 posted on 02/24/2009 7:25:37 AM PST by Dilbert San Diego
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To: se_ohio_young_conservative

Yep. I was retiring in two years; it ain’t gonna happen now.


7 posted on 02/24/2009 7:25:44 AM PST by Diana in Wisconsin (Save The Earth. It's The Only Planet With Chocolate.)
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To: Nachum

Actually, not bad. Profit was cut by ~2/3, but they are STILL PROFITABLE. Of course, there was probably a lot of anticipatory cost-cutting going on to eke out that profit.


8 posted on 02/24/2009 7:25:51 AM PST by ProtectOurFreedom
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To: Nachum

On the other hand, it could just mean that last year their profits were over inflated. A more telling picture would be profits for the last 10 years at least.


9 posted on 02/24/2009 7:26:04 AM PST by bgill
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To: Dilbert San Diego

Getting rid of Marshall Fields made absolutely no sense. It was a great brand with a long tradition.

At least they still sell Frango mints.


10 posted on 02/24/2009 7:27:25 AM PST by MediaMole
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To: se_ohio_young_conservative

Article in the WSJ yesterday saying seniors are having a hard time finding work.

I remember my maternal grandparents tending bar well into their late 70s. They also scrounged bottles and cans from trash cans to collect the deposit. I felt very sorry for them when I was young, thinking how they really hadn’t saved for their old age.

Unfortunately, our government has put a whole generation of us who DID save a lifetime into that same boat.


11 posted on 02/24/2009 7:28:14 AM PST by ProtectOurFreedom
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To: Dilbert San Diego

I stop shopping their because of their logo. And let them know too. They were oblivious to the symbolism. What should that tell us?


12 posted on 02/24/2009 7:31:40 AM PST by del4hope (My hope is the original kind of hope pre2006)
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To: del4hope

Ah yes. The red star of Macy’s. That reminds some of the red star of communism.

They have management in that company who is oblivious to certain things. Their taking over the regional department stores and making them all Macy’s was a big blunder, but they will not admit it. Smart management would make changes when they see that their plans aren’t working out.


13 posted on 02/24/2009 7:35:01 AM PST by Dilbert San Diego
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To: MediaMole

In Minnesota, Dayton’s became Marshall Fields, which later became Macy’s. Each time, the quality of the mens’ wear declined a bit.


14 posted on 02/24/2009 7:35:52 AM PST by Eric in the Ozarks
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To: Nachum

Obama’s fault


15 posted on 02/24/2009 7:39:15 AM PST by bikerman (Obama lied,economy died.)
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To: Eric in the Ozarks

What are we going to do now on Thanksgiving morning? Watch the Walmart parade?


16 posted on 02/24/2009 7:39:15 AM PST by shadeaud (Time to smell the roses and not the stench coming from D .C.)
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To: Nachum

I think it is because they run CNN right outside the dressing rooms.
Who wants to shop and listen to how bad the economy is?
Or, what a genius Obama is!


17 posted on 02/24/2009 7:39:35 AM PST by gussiefinknottle (woof!woof!woof!)
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To: shadeaud

Maybe watch the Obama Brown Shirt’s Torchlight Parade.


18 posted on 02/24/2009 7:40:22 AM PST by CholeraJoe (The mind is its own place, and in itself, Can make a heaven of hell, a hell of heaven.)
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To: Nachum

Wow, people without jobs can’t afford to go shopping. I guess we shouldn’t have outsourced our manufacturing sector.


19 posted on 02/24/2009 7:40:34 AM PST by mysterio
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To: Diana in Wisconsin
Yep. I was retiring in two years; it ain’t gonna happen now.

Wonder how many of the hopey-changy young who voted for The One are going to be frozen out of jobs because of similar decisions made millions of times over....
20 posted on 02/24/2009 7:45:04 AM PST by Kozak (USA 7/4/1776 to 1/20/2009 Requiescat In Pace)
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To: se_ohio_young_conservative

It’s not funny but my Mom isn’t collecting SS yet and her small business is on the verge of collapse. My husband isn’t laughing cause “momma from hell” may have to move in with us at some point. DAMN 0bama.


21 posted on 02/24/2009 7:47:08 AM PST by ThisLittleLightofMine
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To: Nachum
I don't know why anyone finds this suprizing.

Doesn't anyone look at stock market charts?? It just stands to reason that if the majority of stocks for thousands of businesses trading in the markets fell by 50% (much more in most cases) then retail sales would also reflect the buying mood of the nation's spenders.

22 posted on 02/24/2009 7:56:43 AM PST by Nathan Zachary
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To: Diana in Wisconsin
"Makes sense. My 401K is worth only half of what it was worth this time last year. Grrrrr!'

Who the heck is managing your 401k's? While expected earnings are down to next to nothing, there is no loss of earnings from previous years, and certainly no loss of the original capital, and the capital put into them over the past year.

What's depressing is the earnings, which amounts to around $200 per $100,000.

Unless you are allowing your 401k investment company to put your contributions into high risk investments, you shouldn't be loosing any capital, and even then, most reputable companies would have moved any funds invested in poorly performing higher risk options and moved them back into the bond markets to avoid losses.

23 posted on 02/24/2009 8:08:57 AM PST by Nathan Zachary
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To: Dilbert San Diego

That is what they did to Hecht’s in the Washington DC area, so now Macy’s (and Lord and Taylor, which Macy’s also owns) have all the same stuff, none of which I want to buy. Macy’s sent me some 20 percent off anything coupons, so I spent two hours in Macy’s last weekend looking for appropriate spring workplace clothing. All I found were little jackets that make anyone over the age of 12 look fat and squatty (which I am not), tight slacks, tight, capri-length jeans, dresses suitable for cocktail parties, an entire section full of clothing to wear to the gym, tunics suitable for wearing on the beach, and the suits that I might have been able to wear to work were uniformly frumpy. Until they start selling things people actually want to buy and wear, they are going to continue circling the drain. I bailed out and went to Bloomingdale’s. At least I can be seen in public in their wares.


24 posted on 02/24/2009 8:17:17 AM PST by La Lydia
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To: shadeaud
"What are we going to do now on Thanksgiving morning? Watch the Walmart parade?"

No, Obama will have See,B.S. beam live coverage of Ramadan in Mecca so you can watch thousands of Muzzies walking counter clockwise around the "Ka'aba, then moving in to give Allah a kiss; one at a time, hour after endless hour, cutting away occasionally to cover other Muzzies at earlier stages of their pilgrimage, running between those two mountains, tossing pebbles at an old tree stump some camel jockeys dragged into Mecca a thousand years ago from the sea shore a few hundred miles away, which they think is the devil.

25 posted on 02/24/2009 8:23:54 AM PST by Nathan Zachary
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To: Nachum

I get emails almost daily from Macy’s to promote their latest sale gimmick. Free shipping, 40% off, super duper bedding and mattress spectacular, etc. I was just thinking last week that their desperation makes it a good scenario to short their stock. Alas, I didn’t act on my thought.


26 posted on 02/24/2009 8:32:12 AM PST by Two Kids' Dad (((( ))))
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To: se_ohio_young_conservative

This should change dramatically on the first of April. I plan to take my $13.00 and go to Macy’s and spend it. The following week I am going to Target and who knows where it will go from there. By the way, does Macy’s sell anything for $13.00?


27 posted on 02/24/2009 8:47:34 AM PST by kempster
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To: kempster
By the way, does Macy’s sell anything for $13.00?

You can get, not one, but, count them, TWO shopping bags for that amount and receive change on top of that!


28 posted on 02/24/2009 8:50:44 AM PST by Revolting cat! (Let us prey!)
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To: shadeaud

“What are we going to do now on Thanksgiving morning? Watch the Walmart parade?”

probably


29 posted on 02/24/2009 10:07:49 AM PST by Mrs. B.S. Roberts
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To: Kozak

Hopefully every last one of them!!


30 posted on 02/24/2009 12:28:14 PM PST by Diana in Wisconsin (Save The Earth. It's The Only Planet With Chocolate.)
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To: Nathan Zachary

I’m fine. Most of my cash is in gold & silver. The physical stuff; not paper.

Anything I lost in the market has been more than made up for in other areas. I’m well diversified...and still buying because bargains abound. :)


31 posted on 02/24/2009 12:35:26 PM PST by Diana in Wisconsin (Save The Earth. It's The Only Planet With Chocolate.)
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To: Nachum

Be grateful for any profit.


32 posted on 02/24/2009 4:50:21 PM PST by TASMANIANRED (TAZ:Untamed, Unpredictable, Uninhibited.)
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To: del4hope

The Macy’s logo predates the star that China uses, so why the hell should Macy’s change?


33 posted on 02/24/2009 6:48:48 PM PST by Melas
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To: Nathan Zachary

Her experience is common. My wifes 401K is down to about half of what it was 3 years ago. Plug that into the fact she works for one of the largest employers in the state of Texas, and making it an isolated incident is going to be tough.


34 posted on 02/24/2009 6:51:00 PM PST by Melas
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To: La Lydia

Hate to burst your bubble, but Macy’s and Bloomingdales are under the same ownership. They don’t own Lord and Taylor.


35 posted on 07/21/2010 2:07:55 PM PDT by wellll
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To: wellll

Oh Lord, I can’t keep them straight any more. You are right, now. But at one time, Federated owned Macy’s and L&T. They sold L&T to some other group. You are a little slow on the uptake, though, this story is from last year. The great tragedy was the destruction of May Co., Bullocks and I. Magnin. I can remember being taken to the beautiful store that was Bullock’s Wilshire when I was a little kid to buy clothes.


36 posted on 07/21/2010 2:22:17 PM PDT by La Lydia
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