Reuters logo
RPT-UPDATE 1-Macy's sees 2nd-qtr profit above Street, shares up
August 6, 2009 / 2:14 PM / in 8 years

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)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below