Macy's Inc. reports 3Q loss

CINCINNATI Macy’s Inc. reported a loss of 10 cents per diluted share for the third quarter of 2008, ended Nov. 1, 2008, compared with diluted earnings per share of 8 cents for the same 13-week period last year.

Terry Lundgren, Macy’s Inc. chairman, president and ceo, said, "Within this poor economic environment, Macy’s Inc. continues to outperform most of our major competitors in same-store sales. This gives us confidence in our strategies for gaining market share, particularly as the My Macy’s localization initiative is yielding promising early results and in that we expect My Macy’s to have a more profound impact in 2009. Thus we are staying focused on our priorities for offering unique and differentiated merchandise assortments, delivering great value and service to our customers, and reaching out with creative marketing that positions Macy’s and Bloomingdale’s as preferred shopping destinations for the holidays. This includes our distinctive ‘Believe’ campaign for Macy’s and our ‘Oh What Fun’ campaign for Bloomingdale’s."

Sales in the third quarter of 2008 totaled $5.493 billion, a decrease of 7%, compared with sales of $5.9 billion in the same period last year. On a same-store basis, Macy’s Inc.’s third quarter sales were down 6%.