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Macy's tops 1Q profit forecasts

CINCINNATI – CINCINNATI (AP) _ Macy’s Inc. (M) on Wednesday reported fiscal first-quarter profit of $116 million.

The Cincinnati-based company said it had net income of 37 cents per share. Earnings, adjusted for non-recurring costs, came to 40 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.

The department store operator posted revenue of $5.77 billion in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $5.95 billion.

Macy’s expects full-year earnings in the range of $3.15 to $3.40 per share.

Macy’s shares have increased roughly 6 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 2 per cent. The stock has dropped 44 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on M at http://www.zacks.com/ap/M

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Keywords: Macy’s, Earnings Report, Priority Earnings