Macy's 1st-quarter profit rises, same-store sales up 3.8 percent

Wed May 15, 2013 8:14am EDT

May 15 (Reuters) - Macy's Inc on Wednesday reported higher first-quarter profit and sales despite cool weather in much of the country that delayed spring shopping for many customers, and the department store chain raised its quarterly dividend 25 percent.

Macy's, which operates the Macy's and Bloomingdale's chains, reported net income of $217 million, or 55 cents share, for the quarter that ended May 4, up from $181 million, or 43 cents per share, a year earlier.

The retailer said comparable sales rose 3.8 percent. Overall sales increased 4 percent to $6.39 billion, in line with analysts' average estimate, according to Thomson Reuters I/B/E/S.

Macy's said it still expects earnings of $3.90 to $3.95 a share for the full year, and a same-store sales rise of 3.5 percent.

It raised its quarterly dividend to 25 cents a share from 20 cents.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video