Macy's reports falling profit, cuts outlook

NEW YORK

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.

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