Macy's first-quarter profit rises, same-store sales up 3.8 percent


Macy's Inc on Wednesday reported higher first-quarter profit and sales despite cool weather in much of the country that delayed spring shopping for many customers, and the department store chain raised its quarterly dividend 25 percent.

Macy's, which operates the Macy's and Bloomingdale's chains, reported net income of $217 million, or 55 cents share, for the quarter that ended May 4, up from $181 million, or 43 cents per share, a year earlier.

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The retailer said comparable sales rose 3.8 percent. Overall sales increased 4 percent to $6.39 billion, in line with analysts' average estimate, according to Thomson Reuters I/B/E/S.

Macy's said it still expects earnings of $3.90 to $3.95 a share for the full year, and a same-store sales rise of 3.5 percent.

It raised its quarterly dividend to 25 cents a share from 20 cents.

(Reporting by Phil Wahba in New York; Editing by John Wallace)