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Macy's fiscal Q1 profit climbs YOY

Macy's Inc. said its normalized net income for the fiscal first quarter ended May 3 amounted to 58 cents per share, compared with the S&P Capital IQ consensus estimate of 59 cents per share.

EPS increased 7.4% year over year from 54 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $214.4 million, a gain from $211.3 million in the year-earlier period.

The normalized profit margin increased to 3.4% from 3.3% in the year-earlier period.

Total revenue fell year over year to $6.28 billion from $6.39 billion, and total operating expenses declined year over year to $5.84 billion from $5.95 billion.

Reported net income rose year over year to $223.6 million, or 60 cents per share, from $217.0 million, or 55 cents per share.