Macy’s to resume monthly reporting – for now
October 24, 2008,
Cincinnati – Macy’s Inc. will resume monthly reporting of sales, but only temporarily.
“We want to provide investors as much information and transparency as possible,” said Terry Lundgren, chairman, president and ceo. “While we continue to believe that sales on a monthly basis are an incomplete and sometimes misleading measure of a retailer’s performance, we will again provide this information so investors have a sense of the direction of our business on a more frequent basis through this uncertain time.”
One week ago, Macy’s scaled back its guidance for fiscal year earnings per share. Previously forecast at $1.70 to $1.85, Macy’s now anticipates EPS of $1.30 to $1.50.
Macy’s did not indicate how long it plans to continue reporting monthly data.