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Macy's Inc. (M)

Stock (Department Stores Industry, Fashion Industry, Retail Industry)

Macy's Earnings Are On Target but Sales Are Weak Macy's reported its FY2008 Q2 earnings and while earnings were above analyst expectation but sales were just above $5.70 billion as opposed to expectations of $5.75 billion. Macy's decides to cut over 2000 jobs The Cincinnati-based retailer said it will immediately begin consolidating its Minneapolis-based Macy's North headquarters into its New York-based Macy's East, its St. Louis-based Macy's Midwest organization into its Atlanta-based Macy's South and its Seattle-based Macy's Northwest headquarters into its San Francisco-based Macy's West. The consolidation of the office organizations expected to be completed in the second quarter of 2008 will affect 950 positions at Macy's North, 850 positions at Macy's Midwest and 750 positions at Macy's Northwest in Seattle. Stock remains sluggish after 3Q07 earnings Despite third-quarter profits (attributed to lower May-merger integration costs), the announcement of lower earnings guidance for the fourth quarter, a delay in share repurchases, and persisting downwards trend within the retail industry caused stock to drop 7%. Hilfiger makes exclusive deal with Macy's Stocks rise after Macy's announces its agreement with well-known brand Tommy Hilfiger USA to be the sole retail carrier of its mens' and womens' sportswear. Takeover rumors spike stocks up Rumors of a Macy's takeover, perhaps by Kohlberg Kravis Roberts & Co., sent stocks to their highest for two weeks. Macy’s reported a 3.3% decrease in same-store sale Macy’s reported a 3.3% decrease in same-store sales for the month of May, which ended June 2, 2007. April same-store sales fell 2.2%. March same-store sales increased 2.3%.

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