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)