Macy's Inc. posted a third quarter loss Wednesday as retailers across the board continue to struggle. Consumers remain extremely cautious in their spending but the department store claims its results exceed expectations and that a new, locally focused merchandise plan can be expected to bolster lagging sales.
"Our business improved progressively each month during the period and we are entering the holiday selling season confident in our locally focused organizational structure," he said in a statement. Beneath the plan, stores are arranged into geographic districts that allow the company to better concentrate on local customer needs.
Losing $35 million, or 8 cents a share, may seems like a lot, but Macy’s remains optimistic, comparing those third quarter results to a loss of $44 million, or 10 cents, for the same period a year prior. Chief Executive Terry Lundgren, goes so far as to describe the third quarter results as, "excellent,” in light of the present economic climate.
Sales totaled $5.3 billion, down 3.9% from $5.5 billion this time last year.
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