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Macy’s Sails Past Q1 Earnings Expectations, Confirms Guidance

Photo Credit: Nicholas Eckhart via Flickr cc

Macy’s reported first-quarter earnings that surpassed analysts’ expectations Wednesday and reaffirmed its 2019 guidance. The retailer, which had been struggling, saw an increase in same-store sales growth and strong gains from its online revenue push. Earnings for the first quarter ending in March were down 8.3% from last year but 11 cents ahead of expectations.

Looking into 2019, Macy’s said it sees same-store sales rising by 1% for the full year, with flat net revenues and diluted earnings per share in the region of $3.05 to $3.25, supported by about 25 cents per share in asset sale gains.

Read more at The Street.