US: Macy's Q4 earnings climb
- Q4 earnings up 11%
- Sales slide 1.6%
- Comparable sales up 1.4%
Macy’s said it had a strong year in 2013
US department store retailer Macy's recorded an increase in earnings in the fourth quarter but results missed analyst expectations as harsh winter weather hit January sales.
In the three months ended 1 February, earnings climbed 11% to US$811m from $730m a year earlier.
Sales slid 1.6% to $9.2bn versus $9.35bn last year. On a comparable basis, sales were up 1.4%.
Wall Street analysts, however, were expecting $2.17 per share on revenue of $9.28bn, according to FactSet.
Nonetheless, CEO Terry Lundgren was upbeat: "Macy's had a strong year in 2013. This was our fifth consecutive year of double-digit growth in earnings per share and our fourth consecutive year of comparable sales growth.
"Once warm spring weather arrives and our full assortment of fresh spring merchandise is in place, we believe customers will return to a more normalized pattern of shopping. But based on our experience in January and early February, we are watching business trends closely."
Macy's reiterated its full-year guidance of comparable sales in the range of 2.5%-3%, and earnings of $4.40 to $4.50 per share.
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