NEW YORK (AP) _ Macy's Inc. (M) on Tuesday reported fiscal first-quarter net income of $103 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the New York-based company said it had net income of 32 cents. Earnings, adjusted for one-time gains and costs, came to 39 cents per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 41 cents per share.
The department store operator posted revenue of $4.71 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $4.46 billion.
Macy's expects full-year earnings in the range of $1.71 to $2.12 per share, with revenue in the range of $21.73 billion to $22.23 billion.
Macy's shares have climbed 70% since the beginning of the year, while the S&P's 500 index has increased 11%. The stock has more than tripled in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on M at https://www.zacks.com/ap/M
Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News