This Strategy Helped Macy’s Profits Surge 38%
Macy’s Inc (NYSE:M) beat market expectations with first-quarter profit up 38 percent, benefiting from the retailer’s focus on tailoring its fashion to local tastes.
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Net income rose to $181 million (43 cents a share) compared to $131 million (30 cents a share) from the year-ago period.
Sales were up 4.3 percent to $6.14 billion, with same-sales climbing 4.4 percent.
Analysts had expected earnings of 40 cents a share on revenues of $6.14 billion.
Though earnings beat expectations, the company did not improve its guidance for the year. Shares were trading down more than 4 percent in morning trading.
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