Macy's reports falling profit, cuts outlook

August 13, 2008 8:08:47 AM PDT
It is another indication of the tough times for many retailers. Department store operator Macy's says second-quarter earnings dropped slightly from a year earlier and profits for the full year will be below Wall Street forecasts.

Macy's says it earned 73 million dollars, or 17 cents a share. Excluding one-time items, it had earnings from continuing operations of 29 cents a share. Analysts surveyed by Thomson Reuters had expected a gain of 19 cents a share.

Macy's chairman, president and CEO Terry Lundgren says the results came despite "the poor economic environment."

Like other chains, Macy's is seeing a slowdown in clothing sales.