Macy's 2Q sales down 3%

CINCINNATI Macy’s Inc. reported earnings of 17 cents per diluted share for the second quarter of 2008, ended Aug. 2, compared with diluted earnings per share of 16 cents for the same 13-week period last year. Same-store sales in the second quarter declined by 2.1%.

Sales in the second quarter totaled $5.7 billion, a decrease of 3% compared with sales of $5.9 billion in the same period last year.

With weakness in retail sales expected for the second half of 2008, Macy's anticipates that same-store sales in the fall season will be flat to down 1%, which would result in fiscal 2008 same-store sales of down 1 percent to down 1.6 percent. The company currently expects earnings per share on a diluted basis of approximately $1.70 to $1.85 for fiscal 2008 as a whole, excluding one-time division consolidation costs and impairment charges.