Macy's results not as awful as expected

Macy's Inc. (M) today reported better-than-expected quarterly results as the retailer pared prices to the bone to lure cash-strapped shoppers.

The company had a net loss of $88 million, or 21 cents a share, compared with a loss of $59 million, or 14 cents, a year earlier. Revenue fell 9.5 percent to $5.199 billion. Excluding one-time the company lost 16 cents per share, better than recent guidance for a loss of 19 cents to 21 cents per share. Net cash used by operating activities was $35 million in the first quarter, compared with $21 million of net cash provided in the first quarter last year. Shares rose in pre-market trading, but are down about four percent at 10:30.