NEW YORK (AP) — Macy’s Inc. (M) on Wednesday reported fiscal fourth-quarter net income of $507 million.
On a per-share basis, the New York-based company said it had net income of $1.84. Earnings, adjusted for one-time gains and costs, were $1.67 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.53 per share.
The department store operator posted revenue of $7.92 billion in the period. Its net sales were $7.64 billion, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $7.52 billion.
Macy’s expects full-year earnings in the range of $1.90 to $2.10 per share, with revenue in the range of $21.4 billion to $21.65 billion.
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