Macy's 4Q profit up 11 pct; misses forecasts

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Associated Press

Posted on February 25, 2014 at 9:00 AM

Updated Tuesday, Feb 25 at 9:02 AM

NEW YORK (AP) — Macy's Inc. is reporting an 11 percent increase in fourth-quarter profit, but its results missed Wall Street expectations as a string of winter storms chilled sales in January.

The department store chain, which operates Macy's and Bloomingdale's, says that it earned $811 million, or $2.16 per share, in the three months that ended Feb. 1. That compares with $730 million, or $1.83 per share, a year earlier.

Revenue slipped 1.6 percent to $9.2 billion.

Analysts were expecting $2.17 per share on revenue of $9.28 billion, according to FactSet.

Revenue at stores open at least a year rose 1.4 percent, below the 2.5 percent increase that Wall Street analysts expected.

The Cincinnati-based retailer has been a standout among its peers throughout the economic recovery.

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