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Macy's 1Q earnings up 38 percent as chain benefits from merchandising initiatives
NEW YORK (AP) ' Macy's is reporting a 38 percent increase in its first-quarter profit as the department store chain continues to reap benefits from its move to tailor its fashions to local markets.
The results beat analysts' expectations but the company failed to boost its guidance for the year.
Macy's Inc. shares fell 4 percent in early premarket trading.
The retailer said Wednesday that its net income rose to $181 million, or 43 cents per share, for the three-month period ended April 28. That's up from $131 million, or 30 cents per share, a year ago.
Revenue rose 4.3 percent to $6.14 billion.
Analysts surveyed by FactSet had expected 40 cents per share on revenue of $6.14 billion.
Revenue at stores opened at least a year climbed up 4.4 percent for the quarter.