Macy’s would like you to believe that everything’s dandy at their Herald Square headquarters, but alas, no one is exempt from a tanking economy. The third quarter just closed, and Macy’s lost a reported $44 million, a sharp the contrast to the $33 million profit the company boasted last year at this time. However, the CEO says that this is no indication of future earnings and that 2009 will turn out to be a profitable year. Why? For starters, they just announced Tommy Hilfiger will relaunch his children’s apparel line exclusively at the department store next season, with every intention of the line becoming a top seller. It’s a plan to bolster sales, but we’ll have to wait and see if it works. In the meantime, Macy’s, feel free to lure us in with an 80 percent off sale.
Macy’s Reports $44M Loss [WWD]
Tommy Hilfiger to Relaunch Children’s With Macy’s [WWD]