Macy's, Inc. M, one of the leading department store retailers, came out with first-quarter fiscal 2016 results, wherein adjusted earnings of 40 cents per share beat the Zacks Consensus Estimate of 35 cents. The company delivered earnings per share of 56 cents per share in the year-ago quarter.For fiscal 2016, management anticipates earnings in the band of $3.15–$3.40 per share, in comparison to $3.80–$3.90 per share projected earlier. The lowered earnings per share forecast is backed by a decline in sales expectations, which are now projected to remain below the company’s initial guidance.Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 have trended slightly down over the past 7 days. If we look at the Macy's performance in the trailing four quarters (including the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 3.1%.Revenues: Macy's generated net sales of $5,771 million that declined 7.4% year over year and missed the Zacks Consensus Estimate of $5,955 million. Comparable sales on an owned plus licensed basis dipped 5.6% while on an owned basis, comparable sales fell 6.1%.Given the uncertainty in consumer spending, Macy's expects comparable sales on an owned plus licensed basis to now decline in the range of 3%–4% for fiscal 2016, while on an owned basis, comparable sales is still expected to decrease 50 basis points. Earlier, the company had projected comparable sales on an owned plus licensed basis to decline by 1%.Key Events: As previously planned, Macy’s raised its quarterly dividend from 36 cents per share to 37.75 cents per share, marking an increase of nearly 4.9%. The new dividend is payable on Jul 1 to shareholders with record as on Jun 15. Also, Macy’s repurchased roughly 3 million shares for nearly $129 million in the first quarter. As of Apr 30, the company still had $1.9 billion remaining under its share buyback program.Zacks Rank: Currently, Macy's carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.Stock Movement: Macy’s shares are down nearly 7.6% during pre-market trading hours following the earnings release. Check back later for our full write up on Macy's earnings report!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MACYS INC (M): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research