RPT-UPDATE 1-Macy's sees 2nd-qtr profit above Street, shares up
* Sees Q2 EPS $0.15-$0.17 vs. Wall St view $0.05
* July same-store sales down worse-than-expected 10.7 pct
* Shares up as much as 12 percent in early trading
CHICAGO, Aug 6 (Reuters) - Macy's Inc (M.N) reported worse-than-expected same-store sales in July, but forecast second-quarter earnings roughly three times greater than analysts were expecting, and shares jumped as much as 12 percent.
The Cincinnati-based department store operator said it expects to report second-quarter profit of 15 to 17 cents per share, excluding items. Analysts polled by Reuters Estimates had, on average, expected 5 cents per share.
In the quarter ended Aug. 1, sales fell 9.7 percent to $5.2 billion, effectively meeting analyst estimates.
Same-store sales at Macy's fell 10.7 percent in July, worse than the 9.1 percent decline analysts had expected.
Macy's shares rose 75 cents or 5.3 percent to $14.97 in morning trade on the New York Stock Exchange. Earlier they reached as high as $15.94. (Reporting by Ian Sherr, editing by Gerald E. McCormick)
- Malaysia says no evidence missing plane flew hours after losing contact |
- Russia holds war games near Ukraine; Merkel warns of catastrophe |
- Rescuers seek survivors of NY building collapse; seven dead
- White House tried to mediate dispute between Senate, CIA panel: source
- Missing jet may have strayed to west, Malaysia military says |