Macy's posts 1Q loss

CINCINNATI Macy's reported a loss of 14 cents per diluted share from continuing operations for the first quarter of 2008, ended May 3.

Sales in the first quarter totaled $5.747 billion, a decrease of 2.9% compared to sales of $5.921 billion in the same period last year. On a same-store basis, Macy's first quarter sales were down 2.6%.

Macy's, Inc. is reaffirming previously provided guidance for same-store sales in 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 division consolidation costs. The company expects to book approximately $60 million in division consolidation costs in the final three quarters of 2008.