The news just keeps getting worse and worse for Macy’s Inc.. Today the ailing retail chain reported a loss of $59 million for the first quarter of 2008, ended May 3. Sales declined 2.9 percent to $5.75 billion from $5.92 billion.
According to WWD, the results include two unusual items related to consolidation costs and a wage and hour class-action lawsuit in California that negatively impacted first quarter 2008 earnings.
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Spin Control: "Given the very difficult economic environment, our company performed relatively well compared to the competition in the first quarter," said Terry J. Lundgren, chairman, president and chief executive officer. "Macy’s Inc.’s same-store sales for the quarter, while below last year, were significantly better than most of our largest competitors, continuing a trend from the fourth quarter of 2007. This indicates that customers are preferring Macy’s and we appear to be capturing market share even in this period of weak consumer spending.
Um, keep telling yourself that…
Read "Macy’s Reports $59 Million Loss in First Quarter" here