Macy's earnings exceed expectations

NEW YORK » Macy's Inc. boosted its profit outlook after reporting that its second-quarter earnings beat expectations because it benefited from efforts to streamline its structure.

Even though the department store operator said it doesn't expect consumer spending to improve much in the critical months ahead, its shares rose 93 cents, or 6 percent, to close at $16.40 yesterday.

Macy's earned $7 million, or 2 cents a share, in the quarter that ended Aug. 1. That compares with $73 million, or 17 cents a share, in the same period last year.

Excluding restructuring charges related to division consolidations and its efforts to tailor merchandise to local markets, the company earned 20 cents a share, exceeding the profit of 15 cents a share that analysts surveyed by Thomson Reuters forecast on average. Macy's said it expects to earn anywhere from 70 cents to 80 cents a share for the year. Analysts estimate 79 cents a share.

Revenue was $5.16 billion, down almost 10 percent from a year ago and slightly below analysts' forecasts of $5.18 billion. Macy's same-store sales, or sales at stores open at least a year, fell 9.5 percent in July compared with a year earlier. Same-store sales are considered a key indicator of a retailer's health.

Maui among new Sprint 4G locations

Sprint Nextel has added Maui and 16 mainland cities to those in which it will introduce wireless 4G technology for mobile phones and other communications devices this year.

Honolulu has long been on the company's 2009 rollout list, but no date has been announced as yet.

The technology provides peak download speeds of more than 10 megabytes a second and average downlink speeds of three to six megabytes a second, which is three to five times faster than 3G technology, according to a company statement. The company has been introducing 4G service to cities since last September.

Panelists examine capital markets

Commercial real estate experts will discuss navigating capital markets “;After the Crash”; at a luncheon this month.

Panelists at the Hawaii Chapter of Certified Commercial Investment Members Institute function will analyze the current and future status of the capital markets during the event from 11 a.m. to 1 p.m. Aug. 27 at the Ala Moana Hotel Garden Lanai. The cost is $30 for Hawaii CCIM members or $40 for non-members who register by Aug. 24 at 528-2246 or by e-mail at .(JavaScript must be enabled to view this email address).

On the move

Hawaiian Electric Co. announced the appointment of Peggy Fowler to its board of directors.

She has 35 years' experience at Portland General Electric and served as president and chief executive officer until her retirement in March.

Fowler continues to serve on the board of directors at Portland General Electric.

Kona Community Hospital announced the following hires:

» Dr. Kyle Boyd, Emergency Department physician.

He received his doctor of medicine from the University of Southern California's Keck School of Medicine and completed his residency from the University of Rochester in New York at Strong Memorial Hospital.

» Dr. Blaine Okino, Emergency Department physician.

He received his doctor of medicine from the University of Hawaii John A. Burns School of Medicine and completed his residency at Akron General Medical Center.