Macy's tops Street 2Q forecasts

Posted: Updated:

CINCINNATI (AP) _ Macy's Inc. (M) on Thursday reported fiscal second-quarter earnings of $116 million.

The Cincinnati-based company said it had net income of 38 cents per share. Earnings, adjusted for non-recurring costs, came to 48 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.

The department store operator posted revenue of $5.55 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $5.5 billion.

Macy's expects full-year earnings in the range of $2.90 to $3.15 per share.

Macy's shares have decreased 36 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 11 percent. The stock has dropped 32 percent in the last 12 months.

_____

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 https://www.zacks.com/ap/M

_____

Keywords: Macy's, Earnings Report, Priority Earnings

Automated Insights

sorry to interrupt
your first 5 are free
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please enjoy 5 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 5 view limit
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please login, create an account or subscribe to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."