CINCINNATI (AP) _ Macy’s Inc. (M) on Wednesday reported fiscal first-quarter net income of $136 million.
On a per-share basis, the Cincinnati-based company said it had profit of 44 cents.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The department store operator posted revenue of $5.5 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $5.53 billion.
Macy’s expects full-year earnings in the range of $3.05 to $3.25 per share.
Macy’s shares have decreased 27% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 13%. The stock has dropped 26% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on M at https://www.zacks.com/ap/M
The Associated Press