Macy's Inc. (M: Quote) reported an improvement in its first-quarter 2012 net income to $181 million or $0.43 per share from $131 million or $0.30 per share last year. On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.40 for the quarter. Analysts' estimates typically exclude one-time items.
Three-month net sales were $6.14 billion, up 4.3 percent from $5.89 billion in the same period a year ago. Analysts estimated revenues of $6.13 billion for the quarter. On a same-store basis, Macy's, Inc.'s first-quarter sales grew 4.4 percent in 2012 over 2011.
For fiscal 2012, the company reiterated its earnings per share forecast, still expecting earnings per share of $3.25 - $3.30, whereas 19 analysts project earnings of $3.41 per share for the full year.
Also, Macy's continues to expect same-store sales to grow by nearly 3.5 percent for the remainder of the year. When added to the first quarter's reported results, fiscal 2012 same-store sales growth as a whole is now expected to be about 3.7 percent, slightly higher than prior view for a same-stores sales rise of some 3.5 percent in fiscal 2012.
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by RTT Staff Writer
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