Macy’s Inc., New York symbol M, operates 850 Macy’s and Bloomingdale’s department stores in 45 states. It also sells goods over the Internet.
Macy’s is one of the companies we cover in Wall Street Stock Forecaster, our newsletter for U.S. stock market investing.
In its 2012 first quarter, which ended April 30, 2011, the company’s earnings jumped 233.3%, to $0.30 a share from $0.09 a year earlier. That easily beat the consensus earnings estimate of $0.18 a share.
Sales rose 5.7% in the quarter, to $5.9 billion from $5.6 billion. Same-store sales rose 5.4%. The company continues to benefit from its efforts to tailor its merchandise to local tastes, as well as strong demand for its private-label products.
Macy’s is a dividend paying stock. The strong results prompted the company to double its quarterly dividend, to $0.10 a share from $0.05. The new annual rate of $0.40 yields 1.4%.
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