Macy's: raises full-year targets

(CercleFinance.com) - On announcing its quarterly results, Macy's said it now forecasts EPS of $2.
55 to $2.90 and revenues of between $22.3bn and $22.9bn, compared with respective target ranges of $2.45-2.85 and $22.2bn-$22.9bn three months ago.

The department store chain reported adjusted EPS that was less than half (-52%) its level a year ago, at $0.27 for Q1, on revenues that fell 2.7% to $4.8bn (-1.2% LFL for directly-operated stores).

Our sales performance was led by our top 50 locations, which achieved comparable y-o-y sales growth and are a leading indicator for our future stock, management said.


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