Macy's raises outlook as profit tops mark
NEW YORK (MarketWatch) -- Department-store operator Macy's Inc. (NYSE:M) said Wednesday that its fiscal second-quarter profit surged to $147 million, or 35 cents a share, from $7 million, or 2 cents, a share, a year earlier, when it had 18 cents a share in restructuring charges. Sales in the quarter ended July 31 rose 7.2% to $5.54 billion. Same-store sales climbed 4.9%. Analysts, on average, estimated the retailer to earn 29 cents a share, according to FactSet. The company raised its full-year profit outlook to $1.85 to $1.90 a share from a previous guidance of as much as $1.80. Same-store sales outlook also was increased to a gain of as much as 4.2% from a prior guidance of as much as 3.5%. Analysts' average estimate for the year was $1.86 a share, according to FactSet.
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