Tags: Macys May Sales Beat Estimates

Macy's May Sales Beat Estimates

Wednesday, 01 Jun 2011 08:59 AM

Department store operator Macy's Inc posted a 7.4 percent increase in May at stores open at least a year, beating analysts expectations and sending its shares up more than 2 percent.

Analysts had expected the operator of Macy's and Bloomingdale's stores to post a 5.6 percent increase.

Macy's in May said that it expected sales and profits to continue to rise for the year, reflecting the improving prospects of its core middle-class shoppers.

Many big U.S. retailers report May sales on Thursday, and analysts were concerned that rising gasoline prices would cut into the numbers.

On Wednesday, Macy's said it expects same-store sales to rise 5 percent for the entire second quarter, up from its previous forecast of a 4 percent increase.

Macy's shares traded at $29.65 in premarket dealings Wednesday, up from Tuesday's New York Stock Exchange close of $28.88.

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Department store operator Macy's Inc posted a 7.4 percent increase in May at stores open at least a year, beating analysts expectations and sending its shares up more than 2 percent. Analysts had expected the operator of Macy's and Bloomingdale's stores to post a 5.6...
Macys May Sales Beat Estimates
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