Macy’s, Inc. NYSE:M released its latest earnings report before opening bell this morning, posting earnings of 80 cents per share—an 11% increase year over year—on $6.27 billion in revenue, a 3.3% year over year increase. Analysts had been expecting earnings of 8 cents per share on $6.3 billion in revenue. In the same quarter a year ago, Macy’s reported earnings of 72 cents per share on $6.06 billion in revenue.

Macy's, Inc. (M) Misses Earnings Estimates, Cuts Sales Guidance

Breaking down Macy’s earnings results

Comparable store sales combined with comparable sales of departments licensed to third parties rose 4% year over year. Comparable sales rose 3.4% year over year. So far this year, Macy’s reports $12.546 billion in sales, a .7% increase. Comparable store sales with comparable sales of departments licensed to third parties rose 1.5%. Comparable sales so far this year rose .8%.

“Our sales trend improved at both Macy’s, Inc. NYSE:M and Bloomingdale’s in the second quarter, reflecting a rebound in shopping activity once weather patterns normalized,” Macy’s Chairman and CEO Terry Lundgren in a statement. “We also benefitted from a shift in a major Macy’s promotional event into the first two days of the quarter. Advancements in our M.O.M. strategies – My Macy’s localization, Omnichannel integration and Magic Selling customer engagement – continued to drive sales growth across the country.”

During the second quarter, the department store chain bought back 8.9 million common shares for a total price of about $517 million. This year to date, Macy’s, Inc. NYSE:M bought back about 16.3 million common shares .

Macy’s cuts sales guidance

Macy’s, Inc. NYSE:M said that its expectations for the second half of this year are still on track. The company reiterated its guidance for 2% to 3% comparable store growth. However, management reports that even though sales trends improved during the second quarter, it wasn’t enough to make up for the shortfall in the previous quarter. As a result, guidance for the full year is for a 1.5% to 2% increase in comparable sales. The company’s previous guidance was for full year comparable sales to rise by between 2.5% and 3%. Macy’s still expects earnings of between $4.40 and $4.50 per share for the full year.