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Macy’s Q2 sales down 0.8 percent

By FashionUnited

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REPORT_ For the second quarter of 2013 Macy's earnings per diluted share showed

a 7.5 percent increase over earnings per diluted share in the second quarter of 2012. Macy's earnings per diluted share in the first half of 2013 were a 16.5 percent increase compared with earnings per diluted share in the first half of 2012.

Sales in the second quarter of 2013 were down 0.8 percent from sales in the second quarter of 2012. The company expects comparable sales in the second half of 2013 to increase in the range of 2.5 percent to 4 percent. This would calculate to a full-year 2013 comparable sales increase of 2 percent to 2.9 percent.

Macy’s is based in Cincinnati. "We had planned our second quarter sales with a lower increase than the first quarter because of a shift in a major promotional event,” said Terry J. Lundgren, Macy's chairman, president and chief executive officer. “Even so, second quarter sales performance was softer than anticipated, and we are disappointed with the results. On the positive side, we have seen a strengthening of the sales trend in key elements of women's ready-to-wear. Going into the third quarter, we also are encouraged by our early read on the back-to-school season.”
Macy's