The details:
–Second-quarter profit up 16%
–Raises full-year earnings guidance
–Localized product offerings, exclusive brands resonate
Macy’s Inc.’s (M) fiscal second-quarter profit surged 16%, with the department store seeing revenue, and particularly online sales, rise as its localized product offerings and raft of exclusive brands resonated with customers.
The retailer raised its full-year earnings guidance by a nickel to $3.30 to $3.35 a share.
The second-quarter results, coming on top of solid performances in the prior two second quarters, indicate “that our business continues to have forward momentum, even with challenges that include a soft economy, lower spending by international tourists,”
[via Wall Street Journal]
