Macy’s Exceeds Expectations In Fourth Quarter
Macy’s Inc. (NYSE:M) announced today that their fourth quarter profits just beat out expectations, USA Today reported. Earnings per share sat at $2.05, over the $1.99 per share projected growth. Revenue of $9.35 billion just surpassed the predictions of $9.3 billion.
Pre-market trading indicated a rise of 4.5 percent, which was welcomed news. The company’s shares have lost 6.5 percent of their value over the last three months, but same-store sales were up 11.7 percent over January of last year. CEO Terry Lundgren declared it an “outstanding month for Macy’s and Bloomingdale’s.”
The good news comes in the middle of a legal fight centered around Martha Stewart, who allegedly broke her contract off with Macy’s in favor of one with J.C. Penney (NYSE:JCP). The parties were unable to settle out of court, and Macy’s stock slid at the beginning of the trial.
As in other corners of the economy, Macy’s posted profit is a positive sign that consumer spending is gaining traction in the new year, although the impending sequester could have ripple effects that will impede the economy’s progress as 2013 continues onward.
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