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Reuters
Published
Aug 7, 2009
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Macy's sees second-quarter profit above Street, shares up

By
Reuters
Published
Aug 7, 2009

CHICAGO, Aug 6 (Reuters) - Macy's Inc (M.N) reported worse-than-expected same-store sales in July, but forecast second-quarter earnings roughly three times greater than analysts were expecting, and shares jumped as much as 12 percent.



The Cincinnati-based department store operator said it expects to report second-quarter profit of 15 to 17 cents per share, excluding items. Analysts polled by Reuters Estimates had, on average, expected 5 cents per share.

In the quarter ended Aug. 1, sales fell 9.7 percent to $5.2 billion, effectively meeting analyst estimates.

Same-store sales at Macy's fell 10.7 percent in July, worse than the 9.1 percent decline analysts had expected.

Macy's shares rose 75 cents or 5.3 percent to $14.97 in morning trade on the New York Stock Exchange. Earlier they reached as high as $15.94.

(Reporting by Ian Sherr, editing by Gerald E. McCormick)

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