Macy’s Reports Profit, Maintains Earnings Forecast

Macy’s Inc., the second-biggest U.S. department-store chain, reported a profit in the first quarter after sales accelerated and maintained its earnings forecast for the year, citing economic uncertainty.

Net income totaled $23 million, or 5 cents a share, in the three months ended May 1, compared with a net loss of $88 million, or 21 cents, a year earlier, the Cincinnati-based company said today in a statement. Analysts estimated profit of 4 cents, the average of 11 predictions compiled by Bloomberg.

The retailer increased its annual earnings forecast on April 27, after its strategy to tailor to local tastes and an improved U.S. economy lifted sales. Macy’s said today it’s premature to raise its guidance further.

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- Posted: 2010-05-12 09:54:52

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