UPDATE: Macy's Posts Downbeat Q2 Profit, Lowers Outlook

Macy's M reported a rise in its fiscal second-quarter profit. Macy's quarterly profit surged to $281 million, or $0.72 per share, versus $279 million, or $0.67 per share, in the year-ago period. However, analysts were expecting a profit of $0.78 per share. Its sales declined 0.8% to $6.07 billion, while comparable sales fell 0.8%. Macy's lowered its profit forecast to $3.80 to $3.90 per share, versus its earlier outlook of as much as $3.95 per share. Analysts expected earnings of $3.95 per share for the year. Macy's shares fell 3.75% to $46.68 in pre-market trading.