Macy's Reports 20 Percent Increase in Q1 Profit
Macy's (NYSE: M) released 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.
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