Investing.com -- Macy’s (NYSE: M) has lifted its adjusted earnings per share forecast for the full year to a range of $2.55 to $2.90, compared to Bloomberg consensus estimates for a forecast of $2.62.

Net sales in the retailer's first quarter dropped by 3.7% versus the year ago period to $4.8 billion. Analysts had called for a top-line figure of $4.81 billion. Gross margin of 39.2% was also below estimates of $39.6%.

Shares in Macy's were higher in premarket U.S. trading on Tuesday.

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