Macy’s has managed to lose $59 million in the first quarter. CEO Terry J. Lundgren says that considering the crappy economy, losing $59 mil isn’t all that bad:
“Given the very difficult economic environment, our company performed relatively well compared to the competition in the first quarter,” said Terry J. Lundgren, chairman, president and chief executive.
The AP, however, couldn’t resist hinting that pissed off former Marshall Field’s customers were at least partly to blame for Macy’s unpopularity:
Macy’s has struggled with disappointing sales and resistance from shoppers in some markets where the Macy’s name replaced local favorites after its 2005 buyout of May Co.
While Marshall Field’s customers are certainly the most vocal (Chicagoans are pathologically resistant to change. See: “Wrigley Field”), Macy’s has a nasty reputation for displacing other local favorites as well.
Macy’s reports loss on weak sales, beats estimates [AP]
(Photo: Mr.Oliver )