NEW YORK (AP) — NEW YORK (AP) — Macy’s Inc. (M) on Thursday reported fiscal fourth-quarter net income of $508 million.
On a per-share basis, the New York-based company said it had profit of $1.83. Earnings, adjusted for one-time gains and costs, came to $1.88 per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.57 per share.
The department store operator posted revenue of $8.26 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $8.22 billion.
Macy’s expects full-year earnings in the range of $3.67 to $4.11 per share, with revenue in the range of $23.7 billion to $24.2 billion.
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