Macy's Ups 2010 Guidance
NEW YORK (
) --
Macy's
(M) - Get Report
upped its full-year outlook, as its sales improve and it gains market share from rivals.
The department store now expects same-store sales to grow between 3% to 3.5% this year, better than its prior forecast of growth between 1% and 2%.
Macy's also predicts earnings for 2010 in the range of $1.75 to $1.80 a share. It previously said it was looking for earnings of $1.55 to $1.60 a share. This new forecasts falls in line with analysts' estimates.
For the first quarter, management sees break-even earnings and same-store sales up 5%. Wall Street also is looking for break-even results in the first quarter.
Still, shares of Macy's are dropping 3% to $24.11 in morning trading.
-- Reported by Jeanine Poggi in New York.
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