07:32 AM EDT, 05/21/2024 (MT Newswires) -- Macy's (M) reported fiscal Q1 adjusted earnings Tuesday of $0.27 per diluted share, down from $0.56 a year earlier.

Analysts polled by Capital IQ expected $0.17.

Total revenue for the fiscal quarter ended May 4 was $5.00 billion, down from $5.17 billion a year earlier.

Analysts surveyed by Capital IQ expected $4.81 billion.

For 2024, the department store chain raised its adjusted earnings forecast to $2.55 to $2.90 per diluted share from $2.45 to $2.85. Analysts polled by Capital IQ expect $2.63.

Shares of the company were up nearly 4% in recent Tuesday premarket activity.

Price: 19.65, Change: +0.55, Percent Change: +2.88