The world didn't end for Macy's (M - Get Report) in the second quarter despite Amazon's (AMZN - Get Report) growing reach. 

Before the market open on Thursday, Aug. 10, the department-store retailer reported second-quarter adjusted earnings of 48 cents a share, beating Wall Street's estimates for earnings of 46 cents a share. Macy's reported revenue of $5.55 billion, higher than the $5.52 billion analysts surveyed at Factset expected.

Same-store sales fell 2.8%, on an owned basis, in the quarter.

Despite the beat, Macy's still has not returned to growth and CEO Jeff Gennette said on a company earnings call that, while he is "encouraged" by early positive results from changes the company has made, traffic will remain pressured in the third and fourth quarters.

"We have a lot of work ahead of us," Gennette said. "I am confident that Macy's can win again."

Shares of Macy's initially rose 2.91% after the earnings release, but then quickly gave back most of the gains. The stock plummeted nearly 10% to $20.75 a share in late-afternoon trading.

Macy's reaffirmed its full-year guidance for a same-store sales decline of 2.2% to 3.3%, a revenue slip of 3.2% to 4.3% and earnings of $3.37 to $3.62 a share.

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