by Christopher Freeburn | August 8, 2012 10:54 am
Macy’s (NYSE:M) reported on Wednesday that it earned $279 million during the second quarter, up 16% from $241 million in the same time last year.
The department store chain recorded revenue of $6.12 billion, up 3% compared to last year. EPS for the quarter came in at 67 cents, which topped the 64 cents analysts had predicted, Dow Jones noted.
Shares of Macy’s rose more than 2% in Wednesday morning trading.
The company said same-store sales rose 3% during the quarter, while online sales jumped 36% compared to last year. Gross margins increased narrowly from 41.8% last year to 41.9%.
Company officials boosted their earnings guidance for the year. They now expect Macy’s to earn between $3.30 and $3.35 a share for 2012, up 5 cents from an earlier forecast.
Macy’s has adjusted its marketing strategy to align store merchandise to local customer tastes. It continues to retail brands from popular celebrities, including Martha Stewart, Rachel Ray and Donald Trump.
Earlier this year, Macy’s purchased a $15 million stake in a Chinese e-commerce vendor VIPStore, which will sell Macy’s merchandise in China.
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