Skip to comments.Macy's reports 59 percent drop in 4Q profit
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 ...
good night irene. wow.
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!
my mother in law plans on working til she is like 80.
Look on the bright side...at least it earned $310 million.
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.
Yep. I was retiring in two years; it ain’t gonna happen now.
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.
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.
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.
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.
I stop shopping their because of their logo. And let them know too. They were oblivious to the symbolism. What should that tell us?
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.
In Minnesota, Dayton’s became Marshall Fields, which later became Macy’s. Each time, the quality of the mens’ wear declined a bit.
What are we going to do now on Thanksgiving morning? Watch the Walmart parade?
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!
Maybe watch the Obama Brown Shirt’s Torchlight Parade.
Wow, people without jobs can’t afford to go shopping. I guess we shouldn’t have outsourced our manufacturing sector.