Report: Macy’s ‘Financially Healthy’

New York City Macy's Inc. is "financially healthy" in spite of the declining value of its share price, chief executive Terry Lundgren wrote in a letter to executives on Friday, according to a Reuters report.

Lundgren said that Macy's sales at stores open at least a year were down 1.9% for the first two months (May and June) of the company's fiscal second quarter.

The department store chain was taking market share from competitors "in this challenging economic environment," Lundgren said.

The letter, obtained by Reuters, was to be filed with the U.S. Securities and Exchange Commission, a spokesman for Macy's said.