Macy's sees sharp fall in earnings
25-02-2009
Flagship US department store chain, Macy's, has reported an almost 59 percent drop in fourth-quarter earnings. The company said its results were dragged down by weak sales and one-time costs associated with the consolidations of regional divisions and store closings. The Cincinnati-based company said that in the three months ended January 31st, it earned US$310 million, or 73 cents per share. That compares with US$750 million, or US$1.73 per share, a year earlier. Sales fell 7.7 percent to US$7.93 billion from US$8.59 billion a year ago.
