Macy's crushes earnings expectations for its crucial holiday quarter
Macy's reported fourth-quarter and full-year earnings that crushed Wall Street estimates, and gave strong guidance for its fiscal year 2018.
The retailer earned $4.31 a share during the fourth quarter as revenue edged up 1.8% to $8.66 billion. Wall Street was looking for $$2.68 a share on revenue of $8.66 billion.
Comparable sales on an owned plus licensed basis climbed 1.4%, topping the 0.6% drop that was expected.
"Macy's, Inc. had a solid fourth quarter, including strong performance in January, and the full year exceeded our expectations for annual comparable sales and adjusted earnings per diluted share," CEO Jeff Gennette saind in the press release. "We are encouraged to see a trend improvement in our brick & mortar business, and we had the 34th consecutive quarter of double-digit growth in our digital business."
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