Macy's Q1 Boosted by Strong Online Sales

Macy's reported a significant increase in sales for the first quarter, thanks to a strong performance in its online business. The company reported that total sales for the quarter increased 4.3 percent to $6.1 billion. Online sales for the quarter increased 33.7 percent and contributed 1.5 percentage points to the company's same-store sales increase of 4.4 percent for the period. Macy's reported an earnings increase of 43 percent to 43 cents per diluted share, compared with 30 cents per diluted share in the same period last year.