Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Macy's cheery outlook boosts stock on gloomy day

macys.png By Hibah Yousuf, staff reporter

NEW YORK (CNNMoney.com) -- Shares of Macy's rallied more than 5% in early trading Wednesday after the department store chain posted a quarterly profit that beat estimates and boosted its earnings forecast for the year.

The stock rally came on a day when the overall market tumbled due to concerns about the global economy.

Macy's (M, Fortune 500) said its second-quarter net income soared to $147 million, or 35 cents per share. That's up from $7 million, or 2 cents per share, a year earlier, including 18 cents per share in restructuring charge.

Analysts polled by Thomson Reuters were looking for earnings of 29 cents per share for the three months ended July 31.

Macy's revenue also beat forecasts, rising 7% to $5.5 billion thanks to higher-than-expected sales.

For the full year, the retail giant expects same-store sales to be between 4% and 4.2% higher compared to 2009, an improvement from its most recent guidance of up to a 3.5% increase.  To top of page

Search for Jobs

Index Last Change % Change
Dow 18,145.71 -16.64 -0.09%
Nasdaq 5,257.40 15.57 0.30%
S&P 500 2,141.16 -0.18 -0.01%
Treasuries 1.74 -0.01 -0.40%
Data as of 7:46pm ET
Company Price Change % Change
Reynolds American In... 53.78 6.61 14.01%
Chesapeake Energy Co... 6.68 -0.23 -3.33%
AT&T Inc 37.49 -1.16 -3.00%
Microsoft Corp 59.66 2.41 4.21%
Bank of America Corp... 16.67 0.11 0.66%
Data as of Oct 21


The combo brings together AT&T's wireless and Internet business and DirecTV with Time Warner programming, including CNN, HBO and Warner Bros. More

Passes for the new National Museum of African-American History and Culture in Washington D.C. are 'sold out' through March 2017. More

A Chinese firm that makes components for surveillance video cameras admits their technology was used, in part, to carry out Friday's cyberattack More

The University of Illinois partnered with Coursera to launch one of the most affordable online MBA programs yet. More