Macy's sales fall as severe winter keeps US shoppers away

Peter Foley | Bloomberg | Getty Images

Macy's reported a 1.7 percent decline in quarterly sales as a severe winter across parts of the United States deterred shoppers from visiting its department stores.

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The company, which also owns the high-end Bloomingdale's chain, said revenue fell to $6.28 billion in the first quarter ended May 3 from $6.39 billion, a year earlier.

Retail sales on display
Retail sales on display

Comparable-store sales fell 1.6 percent in the quarter.

Net income rose to $224 million, or 60 cents per share, from $217 million, or 55 cents per share.

Macy's also raised its dividend by 25 percent and said its board had authorized a $1.5 billion increase in its share buyback program.

After the earnings announcement, the company's shares rose in premarket trading. (Click here for the latest quote.)

By Reuters