Macy’s Inc. (NYSE:M) saw its shares surge by 30.99 percent after surpassing net sales targets and raising its growth outlook for the year. The company achieved $4.8 billion in net sales for the second quarter, slightly lower than last year’s $4.9 billion. Comparable sales grew by 1.1 percent for revamped locations.

Despite a 42 percent drop in net income and a 1.9 percent decline in revenues, Macy’s, Inc. remains optimistic. The company’s Chairman and CEO Tony Spring praised the strong performance in certain locations. As a result, Macy’s raised its full-year net sales growth forecast to a range of $21.15 billion to $21.45 billion.

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Read more at Yahoo Finance: Macy’s (M) Soars 31%, Nears New High on Sales Beat, Higher Outlook