This from MACYs - Sales were up 4.2% in the first three months of the year, reversing a mostly downward trend the retailer has experienced over the last four years. Macy's net income was $139 million in the first quarter, up from $78 million in the same quarter last year. The results handily beat expectations of analysts surveyed by S&P Global Intelligence.
"We exceeded our expectations and saw strong performance across all three brands — Macy’s, Bloomingdale’s, and Bluemercury,'' Macy's CEO Jeff Gennette said in a statement. "These positive factors give us confidence to raise both our sales and earnings guidance for the fiscal year.”
MYR Price at posting:
43.5¢ Sentiment: Buy Disclosure: Held
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