Macy's (M) Posts Q1 EPS of 55c; Comps Up 3.8%; Boosts Dividend 25%, Raises Buyback
Macy's (NYSE: M) reported Q1 EPS of $0.55, versus the analyst estimate of $0.53. Revenue for the quarter came in at $6.39 billion versus the consensus estimate of $6.39 billion.
Comps up 3.8 percent. Operating income improved 6.8 percent to $435 million.
“The first quarter demonstrated our ability to continue to build on our success over the past few years in growing sales and earnings. Based on the effectiveness of strategies we have in place, we are confident that momentum will continue going forward, which is reflected in the actions we are announcing today to increase returns to our shareholders through an increased dividend and share repurchases,” said Terry Lundgren, Macy’s, Inc. chairman, president and chief executive officer.
Macy's announced a 25 percent increase in its dividend to 25 cents. The company also added $1.5 billion to its share repurchase authorization for a total of $2.6 billion approved.
Looking ahead, Macy's affirmed FY13 comps and EPS expectations.
For earnings history and earnings-related data on Macys (M) click here.
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