Macy’s (M) Declares First Quarter Results

Macy's Inc. M, the department stores operator, declared its first quarter results today. The company reported a profit of 5 cents per share, or $23 million in the first quarter, compared with a net loss of 21 cents per share it reported in the same period last year. Sales also rose from $5.2 billion reported a year earlier to $5.57 billion in the first quarter. The performance is better than the analysts’ estimates of profit of 4.6 cents a share and sales of $5.54 billion. Shares of Macy’s, Inc. were up by 1.97% to $24.37 in trading at 10.42 a.m. in New York today.