Macy's earnings beat Wall Street expectations

Posted at 8:23 AM, Feb 23, 2016
and last updated 2016-02-23 08:23:52-05

CINCINNATI - Macy's Inc. on Tuesday reported fiscal fourth-quarter net income of $544 million.

On a per-share basis, the Cincinnati-based company said it had a 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.