Macy's swings to profit; shares slip

By IBTimes Staff Reporter | February 23 2010 8:24 AM

Macy's Inc posted better-than-expected quarterly profit on Tuesday and forecast same-store sales growth this year of 1 percent to 2 percent.

Sponsorship Link

The U.S. department store operator reported net income in the fourth quarter was $466 million, or $1.10 a share, compared with a loss of $4.77 billion, or $11.33 a share, a year earlier.

Excluding one-time items, it earned $1.40 a share. Analysts were expecting $1.37, according to Thomson Reuters I/B/E/S.

Shares of Macy's fell 1.4 percent to $18.21 in premarket trading, down from a Monday close at $18.47 on the New York Stock Exchange.

(Reporting by Ben Klayman, additional reporting by Phil Wahba in New York; editing by John Wallace)

More in Politics

US State Department Says Talks To Resume With Cuba Over Mail And Migration In July

US State Department Says Talks To Resume With Cuba Over Mail And Migration In July

James Holmes Laywers Seek Denver Psychiatric Tapes As Attorneys Prepare Insanity Defense For Trial

James Holmes Laywers Seek Denver Psychiatric Tapes As Attorneys Prepare Insanity Defense For Trial

"Chicken War" And Flu Put Dominican Republic And Haiti At Odds

"Chicken War" And Flu Put Dominican Republic And Haiti At Odds

Has NSA’s Phone Surveillance Ever Been Critical to Thwarting an Attack?

Has NSA’s Phone Surveillance Ever Been Critical to Thwarting an Attack?

In Depth

World Bank Report Maps Disastrous Outcomes of Climate Change in Africa, South Asia And South East Asia

World Bank Report Maps Disastrous Outcomes of Climate Change

Where Is Jimmy Hoffa Buried? Not In Former Farm In Detroit Suburb After 3-Day FBI Search [VIDEO]

Jimmy Hoffa's Body Not Found - Again

Alaska Heat Wave: Are Record-Shattering Temperatures Another Sign Of 'Arctic Amplification'?

Alaska Bakes Amid Record-Shattering Heat

Michael Hastings Conspiracy Theories: Car Accident And Dead Body Fuel Speculation On Reddit, Twitter

Michael Hastings Death: Conspiracy Theories Abound As Investigation Continues

web counter