On the occasion of its quarterly publication, Macy's now forecasts EPS of between $2.55 and $2.90 and revenues of between $22.3 and $22.9 billion, compared with target ranges of $2.45-2.85 and $22.2-22.9 billion three months ago.

The department store chain reported adjusted EPS more than halved (-52%) to $0.27 for the first three months of its fiscal year, on revenues down 2.7% to $4.8 billion (-1.2% like-for-like on directly-operated stores).

Our sales performance was led by our top 50 locations, which achieved comparable year-on-year sales growth and are a leading indicator for our future stock", points out CEO Tony Spring.

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