Macy's ups guidance for year
November 11, 2009-- Home Textiles Today,
Cincinnati – Pivoting off a smaller-than-expected third quarter loss, Macy’s Inc. today raised its outlook for the fiscal year.
The company now projects full-year earnings per share of $1.01 to $1.06, excluding restructuring charges. Previously, the company forecast EPS of 70 cents to 80 cents. Analysts surveyed by Thomson Reuters forecast $1.11 per share.
The company expects to book approximately $400 million in pre-tax restructuring-related costs over the course of the year.
During the fourth quarter, the parent company of Macy’s and Bloomingdale’s department stores said it expects comps to decline 1% to 2%. That would put the second half comp decline at 2.1% to 2.6%, an improvement over earlier guidance that called for comps to fall 5% to 6% during the final six months of the fiscal year.