Holiday Spending Pushes Macy’s Profit Higher
Macy’ssaid its fiscal fourth-quarter net income climbed 12 percent thanks to strong holiday spending and surging online sales.
The department store chain has also been reaping the benefits of tailoring merchandise to local markets.
Macy’s earned $745 million, or $1.74 per share, for the period ended Jan 28. A year ago it earned $667 million, or $1.55 per share.
Excluding gains tied to the sale of some leases, earnings were $1.70 per share.
Revenue rose 5 percent to $8.72 billion.
The results topped expectations for earnings of $1.65 per share, on revenue of $8.7 billion.
Macy’s stock added 44 cents, or 1.2 percent, to $36.69 in trading on Tuesday.
The company expects fiscal 2012 earnings of $3.25 to $3.30 per share. Wall Street predicts $3.27 per share.