News Summary: Macy's 1Q profit up 20 pct

News Summary: Macy's 1Q profit up 20 percent as revenue edged up 4 percent

Associated Press

THE FIRST QUARTER: Macy's earned $217 million, or 55 cents per share, in the quarter ended May 4, up from $181 million, or 43 cents per share, a year ago. Revenue rose 4 percent to $6.38 billion. Analysts expected earnings per share of 53 cents on revenue of $6.4 billion.

BEHIND THE QUARTER: Macy, a standout among its peers throughout the economic recovery, has benefited from its move to tailor merchandise to local markets. It says cool temperatures and economic worries dampened shoppers' spending in the latest period.

WHAT'S NEXT: The company reiterated that it expects full-year earnings to be in the range of $3.90 to $3.95 per share.

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