May 14, 2014 / 12:15 PM / 3 years ago

Macy's sales fall as severe winter keeps US shoppers away

1 Min Read

May 14 (Reuters) - Macy's Inc reported a 1.7 percent decline in quarterly sales as a severe winter across parts of the United States deterred shoppers from visiting its department stores.

The company, which also owns the high-end Bloomingdale's chain, said revenue fell to $6.28 billion in the first quarter ended May 3 from $6.39 billion, a year earlier.

Comparable-store sales fell 1.6 percent in the quarter.

Net income rose to $224 million, or 60 cents per share, from $217 million, or 55 cents per share.

Macy's also raised its dividend by 25 percent and said its board had authorized a $1.5 billion increase in its share buyback program. (Reporting by Maria Ajit Thomas in Bangalore; Editing by Kirti Pandey)

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