Summary Box: Macy's 2Q earnings up 64 pct

AP News
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Posted: Aug 10, 2011 1:28 PM
Summary Box: Macy's 2Q earnings up 64 pct

SOARING RESULTS: Department store chain Macy's Inc. reported that its net income climbed 64 percent to $241 million, or 55 cents per share. Revenue rose 7.3 percent to $5.94 billion. Analysts had expected earnings of 48 cents on revenue of $5.84 billion.

THE FACTORS: Macy's is reaping benefits from its move to tailor merchandise by location and add exclusive brands.

BOOSTED OUTLOOK: The retailer raised its earnings expectations to $2.60 to $2.65 per share, up from $2.40 to $2.45.