Macy's Inc. Q1 Profit Decreases, but beats estimates

(RTTNews) - Macy's Inc. (M) announced a profit for first quarter that decreased from last year but beat the Street estimates.

The company's earnings totaled $155 million, or $0.56 per share. This compares with $286 million, or $0.98 per share, in last year's first quarter.

Excluding items, Macy's Inc. reported adjusted earnings of $157 million or $0.56 per share for the period.

Analysts on average had expected the company to earn $0.45 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 6.8% to $4.982 billion from $5.348 billion last year.

Macy's Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $155 Mln. vs. $286 Mln. last year. -EPS (Q1): $0.56 vs. $0.98 last year. -Analyst Estimates: $0.45 -Revenue (Q1): $4.982 Bln vs. $5.348 Bln last year.