UPDATE: Macy's Reports Better-Than-Expected Q1 Earnings, Issues Upbeat Forecast

Macy's Inc M released its first-quarter results on Wednesday. The company's profit climbed to $131 million, or $0.30 per share, from $23 million, or $0.05 per share, in the year-earlier period. The company's sales increased 5.7% to $5.89 billion. Its same-store sales surged 5.4%. However, analysts were expecting earnings of $0.18 per share Macy's lifted its full-year same-store sales growth forecast to a rise of around 4.3% from its earlier forecast of a 3% rise. The company raised its profit projections to a range of $2.40 to $2.45 per share, up from its earlier guidance of $2.25 to $2.30 per share. However, analysts were projecting profit of $2.34 per share for the year. The company also increased its quarterly dividend to $0.10 per share. Macy's shares surged 6.04% to $27.92 in pre-market trading-market trading. Read more from Benzinga's Company news.