Macy's Reports 3Q Loss Of $44M, Or 10 Cents Per Share; Still Expecting Slight Profit For Year

November 12, 2008 12:25 p.m. EST

Cincinnati, OH (AHN) - Department store giant Macy's Inc. posted a third quarter loss of $44 million prompting the company to slash its 2009 budget for capital expenditures by nearly half.

Cincinnati-based Macy's is the nation's second-largest department store chain. Sales dropped by 7 percent because of the nation's slumping economy.

Still, the $44 million loss at a net 10 cents per share was less than the 11 cents to 19 cents per share loss that analysts had forecast. During the same quarter last year, Macy's had earned a profit of $33 million, or 8 cents per share.

Despite this loss, Macy's is still predicting it will earn a slight profit for the year.