CINCINNATI – CINCINNATI (AP) _ Macy’s Inc. (M) on Tuesday reported fiscal fourth-quarter net income of $544 million.
On a per-share basis, the Cincinnati-based company said it had profit of $1.73. Earnings, adjusted for asset impairment costs, came to $2.09 per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.86 per share.
The department store operator posted revenue of $8.87 billion in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $8.84 billion.
Macy’s expects full-year earnings in the range of $3.54 to $3.59 per share.
Macy’s shares have climbed 17 per cent since the beginning of the year, while the Standard & Poor’s 500 index has decreased nearly 5 per cent. The stock has declined 36 per cent in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on M at http://www.zacks.com/ap/M
_____
Keywords: Macy’s, Earnings Report, Priority Earnings
