Department store giant Macy's (NYSE: M) has reported some positive second quarter earnings results. The company reported a profit for the quarter ending on July 28 of $279 million up 16% from last year. The department store chain said it had an EPS of $0.67, above estimates of $0.65, and well above last year's $0.55 per share. Revenue grew to $6.12 billion, just beating estimates of a flat $6.1 billion.
Macy's success can be attributed to its exclusive products and the flocking of customers from suffering retailers like JC Penney. Recently, Macy's has bought a minority stake in a Chinese online retailer, VIPStore Co., through which it will sell it's products to Chinese consumers.