Macy’s to resume monthly reporting – for now
Home & Textiles Today Staff -- Home Textiles Today, October 24, 2008
Cincinnati – Macy’s Inc. will resume monthly reporting of sales, but only temporarily.
The company, which stopped reporting monthly data in February 2008, will report October sales on Nov. 6 – the date most other retailers who share monthly data will report.
“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.