Macy's Reports 20 Percent Increase in Q1 Profit

Macy's released their Q1 earnings report on Wednesday, May 15th for the quarter ending May 4, 2013. The company reported sales in the first quarter of $6.387 billion, an increase of 4.0 percent over the $6.143 billion for the same period in 2012. Macy's has announced a $1.5 billion increase to its share buy-back program and a 25 percent increase to its quarterly dividend to $.25 a share. Macy's reported a profit of $217 million, or $.55 a share for the quarter ended May 4 compared with a profit of $181 million, or $.43 a share for Q1 last year. Looking forward, Macy's expects sales to increase by 3.5 percent in 2013 and projects an earnings per diluted share in fiscal 2013 between $3.90 and $3.95.