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Macy’s Tops Estimates as Holiday Sales Fall Less Than Predicted

Macy’s Inc. posted fourth-quarter results that topped analysts’ estimates after sales declined less than projected.
By
  • Bloomberg

CINCINNATI, United States — Macy's Inc., the largest U.S. department-store chain, posted fourth-quarter results that topped analysts' estimates after sales declined less than projected.

Profit was $2.09 a share in the quarter, excluding some items, the Cincinnati-based company said in a statement on Tuesday. Analysts projected $1.88 on average.

The results renewed optimism that Macy’s can pull out of an industrywide slump. To cope with sluggish department-store traffic, the company is closing underperforming locations and clearing out excess inventory. Still, Macy’s remains under pressure from activist investor Starboard Value, which wants it to extract more value from its property holdings. Warm weather in much of the U.S. also took a toll on sales of winter clothing during the holiday season, while a strong U.S. dollar reduced spending by foreign tourists.

Macy’s rose as much as 7.2 percent in early trading in New York after the report was released. The stock declined 47 percent last year.

By Lindsey Rupp; editors: Nick Turner, Kevin Orland.

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