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Macy's (M) Tops Q1 EPS by 1c; Boosts Diivdend 25%, Adds $1.5B to Buyback Plan

May 14, 2014 8:01 AM EDT

Macy's (NYSE: M) reported Q1 EPS of $0.60, $0.01 better than the analyst estimate of $0.59. Revenue for the quarter came in at $6.28 billion versus the consensus estimate of $6.46 billion.

On a comparable sales basis, Macy’s, Inc.’s first quarter sales were down 1.6 percent in 2014 compared with 2013. Together with sales from departments licensed to third parties, first quarter 2014 sales on a comparable basis were down 0.8 percent.

Macy’s, Inc.’s board of directors has authorized an increase in the quarterly dividend on Macy's common stock to 31.25 cents per share from the current 25 cents per share. The new dividend will be payable July 1, 2014, to shareholders of record at the close of business on June 13, 2014.

This represents the fourth increase in the dividend in the past three years. Over that period, the quarterly dividend has increased more than six-fold from 5 cents per share to 31.25 cents per share.

The board also has increased the company’s share repurchase authorization by $1.5 billion. This brings the remaining authorization outstanding, as of the end of the first quarter on May 3, 2014, after giving effect to this increase, to approximately $2.5 billion, which the company can use to purchase common shares from time to time in the open market, in privately negotiated transactions or otherwise at any time and from time to time without prior notice.

Since resuming its share repurchase program in August 2011, Macy’s, Inc. had bought back approximately 93 million shares for approximately $3.9 billion through May 3, 2014.

Macy's reaffirmed FY2014 guidance.

For earnings history and earnings-related data on Macy's (M) click here.



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