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Macy's raises profit, sales outlook; shares rise

August 10, 2011|From Reuters

Macy's Inc reported a higher-than-expected quarterly profit and raised its profit forecast for fiscal 2011 Wednesday, saying it was optimistic about sales this autumn despite financial market turmoil, sending its shares up 3.7 percent in premarket trading.

The department store operator expects same-store sales, or sales at stores open at least a year, to rise between 4 percent and 4.5 percent in the second half of fiscal 2011. That would mean a rise of between 4.8 percent and 5.1 percent for the full year, up from an earlier forecast of a 4.8 percent gain.

The retailer raised its fiscal 2011 profit forecast 20 cents to a range of $2.60 to $2.65, above Wall Street expectations of $2.58, according to Thomson Reuters I/B/E/S.

Macy's, which also owns the upscale Bloomingdale's chain, reported net income of $241 million, or 55 cents a share, for the quarter that ended July 30, compared with $147 million, or 35 cents, a year earlier. Analysts were expecting 50 cents a shares.

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