Macy’s Inc. (NYSE:M) reported better-than-expected second-quarter earnings and raised its fiscal outlook on Wednesday.
The retailer reported net sales of $4.81 billion for the quarter, down 2.5% year over year, beating the consensus of $4.76 billion and the management guidance of $4.65 billion-$4.75 billion. Macy’s reported adjusted earnings of 41 cents per share compared to the consensus of 18 cents and 53 cents a year ago, surpassing the management guidance of 15-20 cents per share.
“Our teams achieved better than expected top- and bottom-line results during the second quarter, driven by our strongest comparable sales growth in 12 quarters, reflecting the strong performance in Macy’s Reimagine 125 locations, Bloomingdale’s and Bluemercury,” said Tony Spring, Macy’s chairman and CEO.
Macy’s revised its annual guidance to reflect …