Macy's Lowers Projections |
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| Thursday, 14 August 2008 | |
 The 850-unit retailer said its second-quarter profits fell 1.4 percent and sales declined 2.9 percent. According to the company, these declines result from restructuring costs and consumer cutbacks on discretionary purchases. As a result, Macy’s lowered projections for the rest
The retailer hopes to strengthen results with its programs it has invested in, such as the My Macy initiative and exclusive collections by brands such as Hilfiger and Martha Stewart, a marketing campaign and FAO Schwarz toy shops inside Macy units. Nevertheless, Macy's shares rose 39 cents, or 1.9%, to $20.66 in New York Stock Exchange. Macy's, Inc. is one of America's premier national retailers, operating 40 Bloomingdale's stores and more than 810 Macy's stores in 45 states, the District of Columbia, Guam and Puerto Rico. The company also operates macys.com, bloomingdales.com and Bloomingdale's By Mail. Macy's, Inc.'s diverse workforce includes approximately 182,000 employees. Macy’s will celebrate its 150th anniversary in 2009. |
of the year. 