Macy’s Posts Strong Q2 Results, Raises Forecasts

Macy’s M net income surged in the second quarter as its strategy of focusing on exclusive moderate-priced fashions and tailoring merchandise . Macy’s reported a profit of $147 million, or $0.35 a share, for the second quarter. Analyst were expecting the company to earn $0.29 per share in the quarter. The Cincinnati-based company revenue rose 7.2% to $5.54 billion, significantly higher than the expected $5.5 billion. Terry Lundgren, Chairman and Chief Executive, was enthusiastic about the company's performance in fall. Macy’s has raised its earnings forecast from $1.85-$1.90 per share and growth estimate to 4%-4.2% from 3%-3.5%. M’s shares were up 2.94% to $19.96 at 9:43 am EDT. Read more from Benzinga's Company news.