Macy’s same-store sales growth trumps estimates, shares rise

(Reuters) – Macy’s Inc (M.N) reported on Wednesday a much better-than-expected increase in same-store sales for the first quarter, boosted by strong performance across its businesses, sending its shares up 13 percent premarket.

FILE PHOTO: People gather at the Broadway entrance of Macy’s Herald Square store ahead of early opening for the Black Friday sales in Manhattan, New York, U.S. November 23, 2017. REUTERS/Andrew Kelly/File Photo

Sales at Macy’s stores open more than 12 months, including sales in departments licensed to third parties, surged 4.2 percent, above the average analyst estimate of a 1.4 percent rise, according to Thomson Reuters I/B/E/S.

Net income attributable to Macy’s shareholders rose to $139 million, or 45 cents per share, in the first quarter ended May 5, from $78 million, or 26 cents per share, a year earlier.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Saumyadeb Chakrabarty

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