Macy's misses 2Q profit and revenue expectations

MarketsAssociated Press

Macy's Inc. (M) on Wednesday reported fiscal second-quarter profit of $217 million.

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On a per-share basis, the Cincinnati-based company said it had profit of 64 cents.

The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.

The department store operator posted revenue of $6.1 billion in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $6.24 billion.

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

Macy's shares have increased nearly 3 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 1 percent. The stock has risen 12 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