Holiday spending pushes Macy's 4Q profit up
Jammed parking lot and last minute shoppers at Macy's department store in the Roosevelt Field mall on Christmas Eve morning. (Dec. 24, 2011) Credit: John Roca
Macy's Inc. says its fiscal fourth-quarter net income climbed 12 percent thanks to strong holiday spending and surging online sales.
The department store chain has also been reaping the benefits of tailoring merchandise to local markets.
Macy's earned $745 million, or $1.74 per share, for the period ended Jan 28. A year ago it earned $667 million, or $1.55 per share.
Excluding gains tied to the sale of some leases, earnings were $1.70 per share.
Revenue rose 5 percent to $8.72 billion.
The results topped expectations for earnings of $1.65 per share on revenue of $8.7 billion.
Macy's stock added 75 cents, or 2.1 percent, to $37 in Tuesday premarket trading.
The company expects fiscal 2012 earnings of $3.25 to $3.30 per share. Wall Street predicts $3.27 per share.
Snow on the way ... Nassau lowers flags for Carter ... Election certification ... LI tattoo artist paints wrestlers' portraits
Snow on the way ... Nassau lowers flags for Carter ... Election certification ... LI tattoo artist paints wrestlers' portraits
