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Macy's shares jump after earnings blow past estimates

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Macy's shares surge premarket after earnings blow past estimates

Macy's Inc. M, +1.02% shares jumped 6.6% in Wednesday premarket trading after the department store retailer reported first-quarter profit that blew past estimates. Net income totaled $136 million, or 44 cents per share, down from $139 million, or 45 cents per share last year. The FactSet consensus was for 33 cents. Sales totaled $5.50 billion, down slightly from $5.54 billion last year and just below the $5.53 billion FactSet guidance. Same-store sales on an owned basis rose 0.

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