Macy’s Inc. reported higher profit and sales for this year’s first quarter despite the delay of spring shopping for many customers resulting from cool weather in much of the United States.
Macy’s, which is a department store chain that operates the Macy’s and Bloomingdale’s chains, increased its dividend for every quarter to 25% from 20%. It disclosed 55 cents share or a net income of $217 million for the quarter ending May 4, up from 43 cents per share or the net income of $181 million reported last year.
According to Thomson Reuters, the retailer saw an increase by 3.8% in its comparable sales and an overall increase by 4% to $6.39 billion.
Macy’s is reportedly expecting a rise of 3.5% in same-store sales and earnings of up to $3.95 a share for the whole year.