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.
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