Investing.com - U.S. department store operator Macy’s reported first quarter earnings that were broadly in line with market expectations and announced a 25% increase to its quarterly dividend, it said Tuesday.
Macy’s said adjusted earnings per share came in at $0.60 in the first quarter, in line with expectations. The company’s first quarter revenue totaled $6.28 billion, missing forecasts for revenue of $6.47 billion.
Macy’s comparable sales declined 1.6% in the first quarter, disappointing expectations for an increase of 1.3%.
Based on expectations for continued strong performance in 2014, the company also announced a 25% increase in its dividend on common stock and a $1.5 billion increase in its share repurchase authorization.
Following the release of the report, Macy''s (NYSE:M) shares rose by 1% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was mildly lower. The Dow pointed to a drop of 0.1% at the open, the S&P 500 indicated a loss of 0.1%, while the Nasdaq 100 signaled a decline of 0.1%.
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