May 16, 2018 / 12:08 PM / 6 months ago

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

May 16 (Reuters) - Macy’s Inc 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.

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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