Macy's results were also surprising because analysts believed that the chain should be benefiting from the woes of J.C. Penney.
Penney, based in Plano, Texas, is trying to stabilize its business after a transformation strategy spearheaded by its former CEO Ron Johnson backfired and led to disastrous results.
During a question-and-answer session with analysts, Hoguet declined to comment on how Penney's moves to bring back discounts had affected Macy's.
Still, Richard Jaffe, a Stifel Nicolaus analyst, believes that Macy's is positioned long-term as a dominant clothing retailer.
Macy's has been reaping the benefits of tailoring its merchandise to local markets, like offering more business suits in Washington, D.C. It's also been focusing on exclusive merchandise.
"Macy's great brands and exclusive merchandise provide the right combination of fashion and quality at a good price," he added.
But Macy's results don't bode well for Penney, which reports second-quarter results on Tuesday, said Brian Sozzi, chief equities strategist for Belus Capital Advisors.
Shares of Macy's fell $2.17 to $46.33. Over the past 52 weeks, the stock has traded between $36.30 and $50.77.
AP Retail Writer Candice Choi in New York contributed to this report.
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