How does Macys sees 2Q income above Wall Street view?
Macy’s sees 2Q income above Wall Street view Associated Press, 08.06.09, 08:53 AM EDT CINCINNATI — Department-store operator Macy’s Inc. on Thursday offered second-quarter guidance above analyst expectations, sending shares higher ahead of the market open. The company predicted second-quarter earnings of 15 cents to 17 cents per share, excluding restructuring costs. Analysts polled by Thomson Reuters, on average, expect a profit of 5 cents per share. Shares rose $1.01, or 7.1 percent, to $15.23 during premarket trading. The stock has traded in a 52-week range of $5.07 to $22.96. The outlook came as the Cincinnati-based company said same-store sales fell 10.7 percent in July. Analysts expected a 9.1 percent drop. For the second quarter ended Aug. 1, same-store sales fell 9.5 percent, while total sales fell 10 percent to $5.17 billion. Analysts expected sales of $5.2 billion. Sources: http://www.forbes.com
