Macy’s Reports Earnings; Shares Fall Slightly

Shares of Macy’s M are moving lower in the pre-market by 0.63% to $23.75 after the company reported earnings that beat the consensus by $0.01 EPS. Their revenues rose 7.2% year over year to $5.57 billion; this also beat the Street by $0.03 billion. Macy’s reaffirmed their guidance (which was recently raised on April 27th) of $1.75-1.80 EPS. The Street is at $1.87. The company said that it is “premature to raise annual guidance further at this time and that markets were still “uncertain.” The company added that localization continues to drive profitable growth.