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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%.
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ComScore: Online spending increases 17% to $44.3 billion in Q1
Reston, Va. -- Online U.S. retail spending reached $44.3 billion in first quarter 2012, up 17% versus a year ago, according to comScore’s Q1 2012 Retail survey. It was the tenth consecutive quarter of positive year-over-year growth and sixth consecutive quarter of double-digit growth.
In other findings, 38% of tablet owners have made a purchase on their devices within the past month. Apparel was the most popular category for purchase among tablet shoppers.