NEW YORK (TheStreet) -- Shares of Macy's (M) are down by 1.19% to $65.33 in pre-market trading on Wednesday, following the release of the department store retailer's 2015 first quarter earnings results, which declined year-over-year and missed analysts' forecasts for the period.
For the most recent quarter, Macy's said earnings were 56 cents per share, compared to 60 cents per share for the 2014 first quarter.
Analysts polled by Thomson Reuters had predicted 62 cents per share for the quarter that ended in March, 2015.
Macy's sales for the latest quarter slipped by 0.7% to $6.23 billion versus the $6.32 billion analysts were looking for.
"We had expected our first quarter sales to grow at a rate lower than our guidance for the full year. We fell short because of a confluence of factors," company CEO Terry Lundgren said in a statement.
"Delayed merchandise shipments from the West Coast port slowdown and severe winter weather early in the quarter restrained business levels. Moreover, sales were negatively affected by lower levels of spending by international tourists visiting major U.S. cities with flagship Macy's and Bloomingdale's stores, including New York City, Chicago, Las Vegas and San Francisco," Lundgren added.
Macy's also announced a 15% increase in its dividend on common stock and a $1.5 billion rise in its share repurchase authorization.
TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio says, "No reason to sell it; buyback intact, dividend boosted, lots of one timers but we prefer Target (TGT) as a growth vehicle."