Macy's Inc reported earnings of 16 cents per diluted share for the second quarter of 2007, ended Aug. 4, 2007. This compares with diluted earnings per share from continuing operations of 51 cents for the same 13-week period last year.
Excluding May Company merger integration costs of $97 million ($60 million after tax or 13 cents per diluted share), second quarter diluted earnings per share were 29 cents. This is within the company's guidance for earnings of 20 cents to 30 cents per share excluding merger integration costs.
The second quarter of 2006 included merger integration costs and related merchandise inventory adjustments of $177 million ($111 million after tax or 19 cents per diluted share), as well as gains on the sale of credit receivables of $191 million ($119 million after tax or 21 cents per diluted share).
In addition, last year's second quarter benefited from a tax refund that reduced income tax expense by approximately $80 million and interest expense by approximately $17 million. In aggregate, the tax refund contributed 16 cents per diluted share to year-ago second quarter earnings. Excluding these items, diluted earnings per share from continuing operations were 33 cents in the second quarter of 2006.
For the first half of 2007, Macy's Inc reported diluted earnings per share from continuing operations of 27 cents per share, compared with 37 cents per share in the first half of 2006.
Excluding May Company merger integration costs of $133 million ($83 million after tax or 18 cents per diluted share), diluted earnings per share from continuing operations were 45 cents in the first half of 2007.
marketing@alchempro.com
