Macy's misses 1Q earnings and revenue expectations

MarketsAssociated Press

Macy's Inc. (M) on Wednesday reported fiscal first-quarter net income of $193 million.

On a per-share basis, the Cincinnati-based company said it had profit of 56 cents.

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The results missed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.

The department store operator posted revenue of $6.23 billion in the period, which also did not meet Street forecasts. Eight analysts surveyed by Zacks expected $6.3 billion.

Macy's expects full-year earnings to be $4.70 to $4.80 per share.

Macy's shares have fallen almost 1 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 2 percent. The stock has increased 14 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on M at http://www.zacks.com/ap/M

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Keywords: Macy's, Earnings Report, Priority Earnings