Macy’s cuts annual earnings guidance amongst slight dip in revenue
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Macy’s Inc. (M) announced its financial results for the second quarter of fiscal year 2013, reporting revenues that dipped 0.8% to $6.07B. The company’s earnings increased 0.7%, from $279M a year ago to $281M, while earnings per share increased from $0.67 to $0.72 per share this quarter. Overall the company fell short of its own and analyst expectations, using promotions to help clear its spring inventory amidst more restrained consumer spending. CEO Terry Lundgren remarked that the company is disappointed with the results and that consumer discretionary spending is being negatively impacted by a tougher U.S. economy. Macy’s is the second-largest U.S. department store by revenue, second only to Sears Holding Corporation (SHLD).