Department store operator Macy's Inc posted a lower quarterly profit on Wednesday, but raised its full-year profit outlook, sending shares up 2.8 percent in premarket trading.

Macy's net profit fell to $7 million, or 2 cents a share, in the second quarter ended August 1, from $73 million, or 17 cents a share, a year earlier.

The company said it now expects to earn 70 to 80 cents a share for the year excluding one-time items, up from its previous forecasted range of 40 to 55 cents a share.

(Reporting by Ben Klayman, editing by Gerald E. McCormick)