Macy’s Profit Tops Estimates as Stock Buyback Boosted
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Macy’s Inc., the second-largest U.S. department-store chain, reported fiscal first-quarter profit that beat analysts’ estimates and increased its share buyback program by $1.5 billion. The shares advanced.
Net income in the period ended May 4 rose 20 percent to $217 million, or 55 cents a share, from $181 million, or 43 cents, a year earlier, Cincinnati-based Macy’s said today in a statement. Analysts projected 53 cents, the average of estimates compiled by Bloomberg.