Macy's: raises EPS target range

(CercleFinance.com) - Macy's has announced an increase in its full-year targets, with adjusted EPS now expected to be between 3.
95 dollars and 4.15 dollars, against a previous target range of 3.75 dollars - 3.95 dollars, with slight sales growth (0 to 0.7%).

In its second accounting quarter, the department store chain saw its adjusted EPS increase by nearly 60% to 59 cents, largely beating a consensus that was only looking for 50 cents, for revenues expected to fall 1.1% to 5.57 billion dollars.

"Our strategic initiatives are gaining traction. They contributed to our first half results and will continue to have a positive impact on our performance in the back half of the year," said Macy's Chairman and CEO, Jeff Gennette.


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