Retailer Macy's sees 4th-quarter earnings slip 2 percent, but performance tops expectations

Markets Associated Press

Macy's fourth-quarter net income slipped 2 percent as the retailer paid off some debt early and saw expenses rise, but its bottom line beat Wall Street expectations.

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The department store operator says it earned $793 million, or $2.26 per share, in the quarter that ended Jan. 31. That compares with earnings of $811 million, or $2.16 per share, last year, when the company had more shares outstanding.

Adjusted results totaled $2.44 per share, excluding charges for store closings and a previously announced merchandising and marketing restructuring, among other items.

That topped the average analyst forecast of $2.39 per share.

Macy's Inc., which has corporate offices in Cincinnati and New York, saw revenue climb nearly 2 percent to $9.36 billion, which fell short of analyst expectations for $9.4 billion.