Investing.com - U.S. department store Macy’s reported earnings and sales that beat analysts’ expectations on Wednesday.
Macy’s reported earnings per share of $0.42 on revenue of $5.5billion.
Excluding one-time charges, Macy's earned 48 cents a share, 11 cents more than analysts had forecast.
The retailer said same-store sales increased 4.2%, compared to analysts’ expectations for an increase of 1.4%.
Revenues rose about 3.6% to $5.5 billion, also ahead of analysts' expectations.
Macy’s (NYSE:M) shares jumped around 9% to at $32.60 in pre-market trade following the report.
CEO Jeff Gennette said Macy's exceeded expectations "across all three brands — Macy's, Bloomingdale's, and Bluemercury — as well as across all geographic regions and families of business" during the first quarter.
