Macy's Increases Dividend, Raises 2011 View, Announces $1B Share Repurchase

Shares of Macy's M are seeing some strength in early trade on Thursday after announcing many positive developments. On a same-store basis, Macy's sales were up 6.2 percent in December. Same-store sales for the combined November/December holiday selling period were up 5.7 percent. The Board of Directors of Macy's authorized an increase in the quarterly dividend on Macy's common stock to 20 cents per share from the current 10 cents per share. The Board also has authorized a $1 billion increase in the company's stock buyback program. Currently, shares of Macy's are trading about 0.2% higher at $32.76.