Macy's Inc. reported a net loss of $88 million for its first quarter -- a better performance than it had forecast. Sales in the first quarter fell to $5.2 billion, down 9.5% from $5.75 billion in the
first quarter of 2008. On a same-store basis, sales fell 9%.
"We continue to successfully navigate this very difficult economic environment," said Terry J. Lundgren, Macy's, Inc. chairman and
CEO, in a statement. "Our first quarter sales were consistent with our initial expectations, while earnings and cash flow performance were better than expected."--Sarah Mahoney