News Summary: Macy's 2nd-qtr profit rises 16 pct

AP News
Posted: Aug 08, 2012 9:57 AM

NEW YORK (AP) — MACY'S STELLAR QUARTER: Macy's net income rose 16 percent to $279 million, or 67 cents per share, for the quarter ended July 28. A year ago profit came to $241 million, or 55 cents per share. Revenue rose 3 percent to $6.12 billion. Analysts expected 64 cents per share on revenue of $6.12 billion.

BEHIND THE RESULTS: Macy's has benefited from cost-cutting and its strategy to tailor its merchandise to local markets.

OUTLOOK: Macy's raised its outlook for earnings this year to a range of $3.30 to $3.35 per share from a previous prediction of $3.25 to $3.30 per share.