Gross margin was 37.5% of sales during the quarter vs. 38.6% a year ago.
Looking ahead, Macy's expects flat sales growth for the full year and EPS of $3.05 to $3.25 vs. $3.27 consensus. The company is targeting $100M in annual cost savings through restructuring actions.
Shares of Macy's are 2.79% in premarket trading to $25.05.
Previously: Macy's beats by $0.20, beats on revenue (Feb. 26)
Subscribe for full text news in your inbox