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Macy's, Inc. (NYSE:M) raised its full-year profit outlook after quarterly sales topped analyst estimates, helped by a boost from tariff refunds, even as shares of the department store operator fell 3% on weaker-than-expected guidance.
The company reported second-quarter revenue of $4.9 billion, above the $4.83 billion analysts had expected and up 1.1% from a year earlier.
Adjusted earnings came in at $0.63 per share, including $0.23 from tariff refunds. Excluding the refunds, adjusted earnings per share were $0.40, ahead of the $0.37 estimate and up 14% from a year earlier. GAAP earnings per share doubled to $0.62, also boosted by the refunds.
Adjusted EBITDA, which included the tariff refund benefit, totaled $457 million.