Macy’s: Fiscal 1Q Earnings Snapshot

CINCINNATI (AP) — Macy’s Inc. (M) on Wednesday reported fiscal first-quarter earnings of $139 million.

The Cincinnati-based company said it had profit of 45 cents per share. Earnings, adjusted for one-time gains and costs, were 48 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.

The department store operator posted revenue of $5.54 billion in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $5.44 billion.

Macy’s expects full-year earnings in the range of $3.75 to $3.95 per share.

Macy’s shares have increased 19 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 1 per cent. The stock has risen 29 per cent in the last 12 months.

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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