Macy’s, the No.2 US department store chain, has raised its profit forecast for the full year, and doubled its dividend, after online demand boosted its first quarter results.
The chain now expects full-year profits to be up to $2.45 per share, from a forecast of $2.25-$2.30 a share, while like-for-like sales are expected to be up 4.3%, compared to a previous forecast of 3%. Macy’s also raised its quarterly dividend to 10 cents a share.
The revised forecast came after net profit in the quarter ending 30 April jumped more than fivefold to $131m (30 cents a share), from $23m last year. Revenue was up 5.7% to $5.9bn, with like-for-like sales up 5.4%. Online sales surged up 38%, helped by demand for spring ranges.
NamNews - Thursday 12th May 2011