Macy's posts 16 percent increase in 2Q profits

Associated Press

NEW YORK (AP) — Macy's Inc. is reporting a nearly 16 percent increase in net income for its second quarter as the department store chain continues to benefit from its strategy to tailor its merchandise to local markets.

The department chain says it's also raising its annual earnings guidance.

Its shares rose almost 4 percent to $38.41 in premarket trading.

Macy's says that its net income rose to $279 million, or 67 cents per share, for the three-month period ended July 28. That's up from $241 million, or 55 cents per share, in the year-ago period.

Revenue rose 3 percent to $6.12 billion in the quarter.

Analysts surveyed by FactSet had expected 64 cents per share on revenue of $6.12 billion.

The retailer is based in Cincinnati, Ohio.

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