US: Macy’s raises FY guidance after buoyant Q2
- Q2 net profit US$147m, versus $7m
- Sales up 7.2% to $5.5bn
- CEO says business is “hitting its stride”
Retailer Macy’s increased its full-year earnings guidance after a surge in second quarter profits, fuelled by a 7.2% sales increase and a 4.9% rise in same store sales.
The US owner of Macy’s and Bloomingdale’s now expects fiscal 2010 earnings per share of $1.85-1.90, up from its previous forecast of $1.75-1.80.
“We believe our business is beginning to hit its stride after implementing significant structural and organisational changes over the past two years,” said Terry Lundgren, Macy’s chairman, president and CEO.
“While the economic environment remains uncertain, Macy’s and Bloomingdale’s have a terrific opportunity to continue to take market share and grow our business profitably.”
Click here to view the retailer's full financial release.
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