Macy's Inc. (M.N) on Tuesday reported fiscal fourth-quarter net income of US$475 million.
On a per-share basis, the Cincinnati-based company said it had net income of US$1.54. Earnings, adjusted for non-recurring costs, came to US$2.02 per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of US$1.97 per share.
The department store operator posted revenue of US$8.52 billion in the period, missing Street forecasts. Five analysts surveyed by Zacks expected US$8.58 billion.
Macy's expects full-year earnings in the range of US$2.90 to US$3.15 per share.
Macy's shares have decreased roughly 10 per cent since the beginning of the year, while the Standard & Poor's 500 index has increased 5 per cent. The stock has decreased 21 per cent in the last 12 months.
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