Macy's tops 4Q profit forecasts
Macy's Inc. is reporting fiscal fourth-quarter net income of $475 million.
The Cincinnati-based department store chain said it had net income of $1.54 per share. Earnings, adjusted for non-recurring costs, came to $2.02 per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.97 per share.
Macy's posted revenue of $8.52 billion in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $8.58 billion.
The company expects full-year earnings in the range of $2.90 to $3.15 per share.
Macy's shares have decreased roughly 10 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 5 percent. The stock has decreased 21 percent in the last 12 months.——
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