Macy’s Profit Trails Estimates as Weather, Ports Hurt Sales
Breaking Down Macy’s First-Quarter Earnings
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Macy’s Inc., the largest U.S. department-store chain, reported first-quarter earnings that trailed analysts’ estimates as bad weather in Northeastern states and product delays at the West Coast ports hurt sales.
Net income in the quarter ended May 2 fell 14 percent to $193 million, or 56 cents a share, from $224 million, or 60 cents, a year earlier, the Cincinnati-based company said in a statement on Wednesday. Analysts projected 62 cents, the average of 20 estimates compiled by Bloomberg.