Summary Box: Macy's earnings soar

AP News
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Posted: May 11, 2011 2:13 PM
Summary Box: Macy's earnings soar

SOARING RESULTS: Macy's reported net income of $131 million, or 30 cents per share, for the first quarter. Revenue reached $5.88 billion, up 5.7 percent. Analysts expected earnings of 18 cents on revenue of $5.89 billion, according to FactSet.

THE FACTORS: Macy's is reaping benefits from its tight expense controls and its move to tailor merchandise by location.

BOOSTED OUTLOOK: Earnings per share are now expected to be between $2.40 and $2.45, above the $2.34 estimate from FactSet. The company also doubled its quarterly dividend to shareholders.