UPDATE: Macy's Reports Upbeat Q2 Profit, Raises Full-Year Profit Projections

Macy's Inc M reported upbeat second-quarter profit and lifted its full-year profit forecast. Macy's reported its quarterly profit at $241 million, or $0.55 per share, up from $147 million, or $0.35 per share, in the year-ago period. Its sales climbed 7.3% to $5.94 billion. However, analysts were expecting a profit of $0.49 per share on revenue of $5.87 billion. Macy's same-store sales climbed 6.4%. Macy's also raised its full-year profit outlook to $2.60 to $2.65 per share, up from its prior forecast of as much as $2.30. Macy's expects second-half profit of $1.74 to $1.79 per share. Analysts were expecting a profit of $1.78 per share in the second half and $2.58 per share for the year. Macy's shares gained 3.18% to $26.25 in pre-market trading.