Macy's tops Street 2Q forecastsPosted: Updated:
CINCINNATI (AP) _ Macy's Inc. (M) on Thursday reported fiscal second-quarter earnings of $116 million.
The Cincinnati-based company said it had net income of 38 cents per share. Earnings, adjusted for non-recurring costs, came to 48 cents per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.
The department store operator posted revenue of $5.55 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $5.5 billion.
Macy's expects full-year earnings in the range of $2.90 to $3.15 per share.
Macy's shares have decreased 36 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 11 percent. The stock has dropped 32 percent 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
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