Macy's Inc. profits up, comps down

CINCINNATI Macy’s Inc. today reported earnings from continuing operations of $1.73 per diluted share for the fourth quarter of 2007, ended Feb. 2. This compares with diluted earnings per share from continuing operations of $1.45 for the fourth quarter last year.

For the fiscal year 2007, Macy’s Inc. reported diluted earnings per share from continuing operations of $2.01 per share, compared with $1.80 per share for fiscal 2006.

Macy's Inc. reported that sales for the fourth quarter 2007 totaled $8.6 billion, a decrease of 6.2% compared to total sales of $9 billion in the fourth quarter of 2006. On a same-store basis, the company’s fourth quarter sales were down 2%.

The company’s total sales for fiscal 2007 were $26.3 billion, down 2.4% from total sales of $27 billion in fiscal 2006. On a same-store basis, Macy’s Inc.’s annual sales were down 1.3%.

Macy's Inc. said that effective this year, it will no longer report monthly sales results in addition to its previously announced decision not to provide quarterly sales or earnings guidance. The company will continue to report sales and earnings quarterly and to provide guidance on an annual basis.

The company said it expects same-store sales for fiscal 2008 to be in the range of down 1% to up 1.5%, with earnings per share on a diluted basis of $1.85 to $2.15, excluding one-time costs.