NEW YORK (AP) — NEW YORK (AP) — Macy’s Inc. (M) on Tuesday reported fiscal first-quarter net income of $62 million.
On a per-share basis, the New York-based company said it had net income of 22 cents. Earnings, adjusted for one-time gains and costs, were 27 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.
The department store operator posted revenue of $5 billion in the period. Its adjusted revenue was $4.85 billion, also topping Street forecasts. Four analysts surveyed by Zacks expected $4.84 billion.
Macy’s expects full-year earnings in the range of $2.55 to $2.90 per share, with revenue in the range of $22.3 billion to $22.9 billion.
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