Macy’s Inc., the owner of its namesake and Bloomingdale’s department stores, boosted its full-year earnings forecast amid increased profitability from its credit cards and lower stock-based compensation.
Profit this year will be $3.30 to $3.35 a share, compared with a previous forecast of $3.25 to $3.30 a share, Cincinnati-based Macy’s said Wednesday in a statement. Chief financial officer Karen Hoguet in May projected profitability from the company’s credit cards to rise $15 million to $20 million this year. Macy’s maintained its annual outlook for a 3.7 percent gain in sales at stores open more than a year, citing the “soft economy” and disruptions from the remodel of its Herald Square store, which began in March.
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