This story is free to read.

Macy’s misses Street 1Q forecasts

This Tuesday, May 2, 2017, photo shows corporate signage at Macy's flagship store in New York. Macy's Inc. reports earnings, Thursday, May 11, 2017. (AP Photo/Bebeto Matthews) This Tuesday, May 2, 2017, photo shows corporate signage at Macy's flagship store in New York. Macy's Inc. reports earnings, Thursday, May 11, 2017. (AP Photo/Bebeto Matthews)

By Associated Press May 11, 2017 1 min read

CINCINNATI (AP) – Macy’s Inc. is reporting a first-quarter profit of $71 million.

The Cincinnati company said it had profit of 23 cents per share. Earnings, adjusted to extinguish debt, were 24 cents per share.

The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.

The department store operator posted revenue of $5.34 billion in the period, which also missed Street forecasts. Four analysts surveyed by Zacks expected $5.47 billion.

Macy’s expects full-year earnings in the range of $2.90 to $3.15 per share.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on M at https://www.zacks.com/ap/M

_____

Keywords: Macy’s, Earnings Report, Priority Earnings