Macy's 2Q profit climbs nearly 4 percent
Macy's quarterly report on Aug. 13, 2014, indicates it is cutting back on a key sales measure saying it can't make up the sales shortfall from the weather-battered first quarter. These shoppers are in Braintree, Mass., on April 29, 2014. Credit: AP / Stephan Savoia
Macy’s Inc. on Wednesday reported a 4 percent increase in earnings in its fiscal second quarter as business rebounded from slow sales earlier in the year.
But Macy’s cut its outlook for a key sales measure saying it couldn’t make up the sales shortfall in the first quarter. The Cincinnati-based company says net incomes increased to $292 million, or 80 cents per share, from $281 million, or 72 cents per share, in the same quarter a year earlier.
The average estimate of analysts surveyed by Zacks Investment Research was for profit of 86 cents per share. The company said revenue rose 3.3 percent to $6.27 billion from $6.07 billion in the same quarter a year earlier, but missed Wall Street forecasts. Analysts expected $6.29 billion, according to Zacks. The company said that sales at stores open at least a year rose 3.4 percent.
Shares slipped more than 4 percent, or $2.72 to $57.03 in midmorning trading Wednesday.
'If you don't address demand, you don't address the problem' Police are only addressing the supply, but demand is what fuels the illicit sex trade, experts say. Newsday political reporter Bahar Ostadan has the story.
'If you don't address demand, you don't address the problem' Police are only addressing the supply, but demand is what fuels the illicit sex trade, experts say. Newsday political reporter Bahar Ostadan has the story.
