Department store operator Macy's has slashed its 2008 profit outlook, as a softening economy has consumers scaling back on spending. Macy's expects earnings between $1.30 and $1.50 per share, excluding consolidation costs and impairment charges. That's down from prior expectations for a profit between $1.70 and $1.85 per share. Analysts polled by Thomson Reuters expect earnings of $1.76 per share. Macy's also says same-store sales, measuring stores open at least one year, have declined 5.8 percent in the third quarter so far. So far this year, those sales have slipped 3.2 percent. Cincinnati-based Macy's operates more than 850 stores nationwide.
