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Macy’s Increase Buyback Program

Macy’s Inc., the second-largest U.S. department store chain, reported a profit of $224 million or 60 cents up from $217 million in the year earlier however revenue slid 1.7% to 6.28 billion.

Macy’s Chief Executive Terry Lundgren expects increase in sale in April as the weather turned.

Macy’s also unveiled plans to increase its stock buyback plan and dividend. Macy’s had $2.6 billion authorized for share repurchase as of May 4 and it will raised dividend by 25%.

Macy’s has been cutting job and closing some store attempts to save $100 million a year as weakening mall traffic and unfavorable weather.

I think next quarter Macy’s should have better quarter due to the season and buyback program.