Holidays Anyone?
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| Wed, 11-11-2009 - 10:24am |
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Macy's Inc.'s (M) fiscal third-quarter loss narrowed more than expected on lower markdowns, but the department store's guidance for the holiday season failed to meet analysts' expectations.
Macy's said it expects fourth-quarter earnings of $1 a share to $1.05 a share, with same-store-sales dropping 1% to 2%, when Wall Street was projecting earnings of $1.17 a share.
The lower-than-expected guidance follows other retailers, including Polo Ralph Lauren Corp. (RL) last week and Fossil Inc. (FOSL) on Tuesday, offering more robust assessments for their fourth quarters.
Macy's shares are responding to the outlook, with the stock down 4.8% to $18.50 pre-market.
Macy's guidance could prove conservative because the retailer demonstrated during the third quarter that it is going into the Christmas season with lean inventories, which could reduce the likelihood of markdowns that would hurt earnings, analysts said.
Earnings for the full year are expected to be $1.01 to $1.06 a share, up from previous guidance of 70 cents to 80 cents a share, but still below analysts' average estimate of $1.11, according to Thomson Reuters. Macy's also improved its outlook for full-year same-store sales, calling for a decline of 5.4% to 5.7%.
During the recession, department stores have posted the biggest sales declines of just about all retail categories because of their extensive exposure to discretionary purchases. Macy's, which grew to national prominence with aggressive acquisitions, has shifted its strategy to show more locally targeted products in its stores rather than a uniform look across the U.S.
Chairman and Chief Executive Terry Lundgren said in a statement Wednesday the company is confident in the locally focused structure heading into the holiday season. Of the 10 districts that performed best by same-store sales last quarter, seven were among those that first adopted the "My Macy's" local-focus program, he said. The company had an "excellent quarter" given the difficult climate, as business progressively improved each month, Lungren said.
For the period ended Oct. 31, Macy's posted a loss of $35 million, or 8 cents a share, compared with a year-earlier loss of $44 million, or 10 cents a share. The periods included restructuring charges of 5 cents and 2 cents, respectively. Analysts anticipated a 7-cent loss.
Macy's said revenue decreased 3.9% to $5.28 billion, with same-store sales down 3.6%, although they were down 4.2% excluding online sales. Online sales, which include both macys.com and bloomingdales.com, were up 21%.
What do you plan to spend on the holidays this year? More, less, same as last year?
To be honest, I'm in better financial shape now than I've been in the last 4 or 5 years. While I know others are out of work or struggling, I've found these times to be better than in years past for me. Gas isn't $4.00 a gallon, I'm not in debt, and I got a good raise early this year, so I'm doing OK.
However, that doesn't mean I'm going to go on a spending spree. I now pay cash for everything I want. No more credit cards - ever. And I'm saving every penny I can get my hands on. I have everything I could possibly need -to spend money on STUFF would just be a waste. How many clothes does one person need? Do I really need that high-def TV? No. My car runs perfectly fine; I really don't need new one. Why spend money just for the sake of spending it?
We will have Christmas and there will be gifts, but we've pretty much already planned it out. We know what we'll be getting and we'll stick close to that. I used to go all out for Christmas, but no more. It's not worth spending all that money on STUFF.


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Oh yes!
The other day he said he wasn't going to put lights outside. I said a silent, "Amen". He creates so much stress doing that. Last years lights hardly ever work so he tests them then runs to store for new ones. He creates so much tension. It's not worth the effort.
LOL What a visual!
Moving to New England from Ca. we had to have a fresh tree. We'd drive up to nearby Xmas tree farm pick the tree & cut it ourselves. I think we've bought every possible type of tree stand made by man. Once I got up in the night & the *%$# tree had tipped over. Past couple of years we've bought smaller trees with needle that don't inflict pain when touched. I'd be happy if we didn't have a tree but DH really gets into the spirit of things. We watch all the same old Xmas movies every year.
TBS.........marathon showing of "Christmas Story".......24 hours of it? Yep....I never miss it....lol. "A Wonderful Life"......I know it by heart!! "Christmas Vacation"......I have dreams about that movie starting around Thanksgiving.....:))
I had a tree fall over once also.......picked it up the next morning, pitched the ornaments that broke, cleaned up the loose needles and glass on the carpet, and nobody ever knew.....I was the first one up that day, and I wasn't going to take the rap on not having that sucker lagged down properly......lol. I often wonder why we go through the stress Christmas can give us. I look soooo forward to January 2nd every year......truthfully.
"I was the first one up that day, and I wasn't going to take the rap on not having that sucker lagged down properly"
You crack me up. LOL
I love Christmas Story! In a magazine I received awhile ago they had a leg lamp for sale. If it had been cheaper I'd have bought it for DH's office.
I'd die for a leg lamp!!!! I laugh each time I watch that movie.....it's a classic that will give new generations of kids the same enjoyment it has given us.
Good luck this week at Indy.....I'm afraid the Pats may take one on the chin.
Here's a 'genuine replica' of the leg lamp. Page down. It even comes in different sizes.
http://www.redriderleglamps.com/store.cfm
".....I'm afraid the Pats may take one on the chin."
Say it wont be so. The Pat's
http://www.redriderleglamps.com/productDetails.cfm;jsessionid=4a30af2fd5eb5812246bTR?merchID=15&showDescription=yes&CFID=1477529&CFTOKEN=44064561
Oh look at these leg Xmas lights......
Leg Lamp Inflatable Lawn Ornament
When the front room window is not enough ...
Oh...........My.............God.........!?!?!
An inflatable leg lamp.......say it ain't so Joe......LOL, LOL.
I'm gonna get mine on order before the rush...thank you so much...:)))
I think I might get the Xmas lights as a gag gift for DH. He'd get a "kick" out of them.
They have ties too. You could wear it work & show the guys who's boss in your house. ;)
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