Macy’s Rises On Upbeat Q2 Results

Shares of Macy’s, Inc. (M) are rising more than 7% Tuesday morning after reporting better-than-expected second-quarter results.

In its second quarter, Macy’s reported earnings excluding special items of $1.00 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.85 per share.

Net income in the quarter declined to $275 million from $345 million a year ago. Earnings per share were $0.99, compared to $1.08 last year.

Net sales declined to $5.60 billion from $5.65 billion last year, but beat the consensus estimate at $5.49 billion.

M is at $20.02. It has traded in the range of $15.85-$37.95 in the past 52 weeks.

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