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Macy's 2Q Earnings Rise 64 PC

[ Updated 11 Aug 2011, 16:33:15 ]
Macy's 2Q Earnings Rise 64 PC

New York, Aug 11 :  Macy’s Inc. says its profit jumped 64 percent in the second quarter as it got a lift from its strategy of tailoring merchandise to local markets. The department store chain is also boosting its full-year profit outlook.

The company says the quarter was “the most successful second quarter and spring season in more than a decade.”

Its shares rose $1.17, or 4.6 percent, to $26.61 in premarket trading.

The company that operates Bloomingdale’s as well as its namesake Macy’s stores says that its net income climbed to $241 million, or 55 cents per share, in the three months ended July 30. That’s up from $147 million, or 35 cents per share in the year-ago period. Revenue rose 7.3 percent to $5.94 billion in the quarter.

Analysts had expected earnings of 48 cents on revenue of $5.84 billion. AP