Macy’s swings to loss in second quarter but tops estimates

Macy’s Inc. on Wednesday reported a fiscal second-quarter loss of $431 million, after reporting a profit in the same period a year earlier

NEW YORK — Macy’s Inc. (M) on Wednesday reported a fiscal second-quarter loss of $431 million, after reporting a profit in the same period a year earlier.

The New York-based company said it had a loss of $1.39 per share. Losses, adjusted for one-time gains and costs, were 81 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of $1.78 per share.

The department store operator posted revenue of $3.56 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $3.51 billion.

Macy’s shares have decreased 59% since the beginning of the year, while the Standard & Poor’s 500 index has increased 9%. The stock has dropped 51% in the last 12 months.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on M at https://www.zacks.com/ap/M