Department store operator Macy's Inc. says its third-quarter results swung to a loss as results were weighed down by charges related to a consolidation of several divisions. It is also confronting a slowdown in consumers spending.
The Cincinnati-based chain said Wednesday that it lost $44 million, or 10 cents per share, in the quarter. That compares with a profit of $33 million, or 8 cents per share, a year ago.
The company says sales fell to $5.49 billion from $5.9 billion a year earlier. Analysts surveyed by Thomson Reuters expected a loss of 19 cents on $5.49 billion in sales.
The company reaffirmed earnings guidance for 2008 to be in the range of $1.30 to $1.50 per share, and $1.10 to $1.30 per share in the fourth quarter.
(Copyright 2008 by The Associated Press. All Rights Reserved.)