Macy's delivered quarterly earnings and revenue that fell short of expectations on Wednesday, as a strong dollar that foreign tourist spending in the United States.
Shares of Macy's moved lower in premarket trading following the announcement. (Get the latest quote here.)
The retail giant posted first-quarter earnings of 56 cents per share, down from 60 cents a share in the year-earlier period.
Revenue fell to $6.23 billion from $6.28 billion a year ago.
Wall Street had expected the company to deliver quarterly earnings per share of 62 cents on $6.32 billion in revenue, according to consensus estimates from Thomson Reuters.
The retailer is also raising its dividend by 15 percent.
Macy's, which operates the upscale Bloomingdale's chain as well as its namesake stores, also said it increased its share repurchase program by $1.5 billion, bringing the total outstanding authorization to about $2.1 billion.
It raised its quarterly dividend to 36 cents per share from 31.25 cents.
Same-store sales, including licensed departments, fell 0.1 percent. Analysts were expecting it to rise 1 percent, according to research firm Consensus Metrix.
Earlier this year the company announced that it would close more than a dozen stores across the country. The move was motivated by a savings goal of $140 million in 2015. The company said it will reinvest those savings in new technology and offsetting growing expenses from health care and retirement plans.