Business

Macy's tops Street 2Q forecasts

Posted August 11, 2016 7:00 am

The Associated Press

CINCINNATI (AP) - Macy's Inc. (M) on Thursday reported fiscal second-quarter net income of $11 million.

The Cincinnati-based company said it had profit of 3 cents per share. Earnings, adjusted for one-time gains and costs, came to 54 cents per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.

The department store operator posted revenue of $5.87 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $5.75 billion.

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

Macy's shares have dropped roughly 3 percent since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 6 percent. The stock has fallen 50 percent 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

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