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Macy's (M) is expected to report Q2 earnings before the open on Wednesday, August 8, with a conference call scheduled for 10:30 am ET.

Guidance

Analysts are looking for EPS of 64c on revenue of $6.12B. The consensus range is 61c-66c for EPS, and revenue of $6.06B-$6.17B, according to First Call. On August 2, the retailer reported a Q2 same-store sales increase of 3% on total Q2 sales of $6.119B. The company also said June SSS increased 1.2% and July SSS were up 4.1%. On July 5, Macy's reiterated FY12 EPS guidance of $3.25-$3.30, consensus $3.35, on SSS up approximately 3.7%. The company said it planned to buy back at least $1B in shares this year. During the quarter, Macy's was granted a preliminary injunction and temporarily blocked Martha Stewart Living Omnimedia's (MSO) plans to sell certain branded products at J.C. Penney (JCP) stores. CEO Terry Lundgren told CNBC that he feels "good" about the company's growth, and that Macy's doesn't have the same issues as Tiffany & Co (TIF). Analysts and investors will listen for comments from the company on J.C. Penney's new pricing strategy and whether it continues to benefit, as well as any insight into the back-to-school shopping period.

Source: Earnings Preview: Macy's