- Earnings beat market estimates for Q1
- Net sales and profit lower than in the previous year
Macy’s Inc (NYSE: M), a US-based clothing store chain, said its profit for the first quarter(ended May 4) is $136 million, compared to $139 million a year ago. Earnings are reported at$0.44 cents a share, higher the average analyst estimate of $0.33.
Net sales were in line with market estimates, despite a decrease, compared to a year earlier, to $5.50 billion.
“We’d expect a modest relief rally out of Macy’s today, but would not be chasing the stock,” Gordon Haskett analyst Chuck Grom said.