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Macy’s Q1 earnings rise 38%, beat Street but outlook disappoints
Cincinnati -- Macy's Inc. reported a better-than-expected 38% increase in its first-quarter profit as the chain continues to benefit from its move to target its offerings to local markets. However, the retailer disappointed the Street by failing to up its guidance for the year.
Macy's said that its net income rose to $181 million for the three-month period ended April 28, up from $131 million a year ago.
Revenue increased 4.3% to $6.14 billion, from $5.89 billion a year ago. Same-store sales were up 4.4%.