The department store chain said it earned $811 million, or $2.16 per share, in the three months that ended Feb. 1. That compares with $730 million, or $1.83 per share, a year earlier.
Excluding items related to closing some stores and other cost-reduction strategies, the company earned $2.31 per share in the latest quarter.
Revenue slipped 1.6 percent to $9.2 billion.
Analysts were expecting $2.17 per share on revenue of $9.28 billion, according to FactSet.
Revenue at stores open at least a year rose 1.4 percent, below the 2.5 percent increase that Wall Street analysts expected.
For November and December combined, the traditional holiday shopping season, revenue at stores open at least a year rose 4.3 percent. The figure includes sales from departments licensed to third parties like Finish Line.
Macy's reiterated that revenue at stores opened at least a year for the current year is expected to be up in the range of 2.5 percent to 3 percent. It also stuck with its earnings forecast of $4.40 to $4.50 per share for the year.
Analysts had expected $4.45 per share for the current fiscal year, according to FactSet.
Macy's shares rose $2.65 to $55.71 in late morning trading..
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