EmailMacy's (M $59.86 -1.07) reported second quarter earnings of $0.55 per
share, $0.07 better than the Capital IQ Consensus Estimate of $0.48.
Revenues rose 7.3% year/year to $5.94 billion versus the $5.87 billion
consensus.
For fiscal year 2012, the company raised earnings guidance to $2.60 to $2.65
from $2.40 to $2.45 versus the $2.57 Capital IQ Consensus Estimate.
Sales, operating income, net income and cash flow all exceeded expectations in
the most recent quarter, as well as in the first half of 2011. Macy's currently
expects same-store sales in the second half of fiscal 2011 to be up between
4-4.5%, which would result in full-year 2011 same-store sales being up between
4.8-5.1%. At the beginning of the year, the co's initial guidance was for a 2011
same-store sales increase of ~3 percent. In July, full-year same-store sales
guidance was raised to an increase of ~4.8 percent, reflecting improvement in
the business trend.
than one year.
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