Macy's same-store sales growth trounces analyst estimates, shares jump

EarningsReuters

NEW YORK (Reuters) - Macy's Inc on Tuesday reported higher-than-expected same-store sales growth for the fourth quarter, fueled by higher holiday sales and a marketing and loyalty program overhaul, sending shares surging in premarket trading.

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Sales at Macy's stores open more than 12 months, including sales in departments licensed to third parties, rose 1.4 percent, well above the average analyst estimate of a 0.31 percent increase, according to Thomson Reuters I/B/E/S.

Macy's shares were up as much as 12 percent at $30.70 in premarket trading on Tuesday.

(Reporting by Meredith Mazzilli, Editing by Franklin Paul)

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