Macy's Trails Estimates, Increases Dividend and Share Buyback

Macy's (M) earnings trailed estimates as bad weather and shipment delays took their toll on first quarter earnings. The department store chain reported profit of $0.56, down on last year's numbers. Revenue also came in lower than expected at $6.23 billion. The retailer announced a dividend raise of 15% and has increased its share buyback program to $1.5 billion. Macy's is aiming to make savings of around $140 million by closing over a dozen stores throughout the U.S. The company announced last week that it will open several new off price stores called Macy's Backstage. The company hopes the new venture will tempt back the bargain shoppers. Sales were down 0.7% and Macy's shares were down on the earnings numbers.