Macy’s Inc. posted stronger-than-expected fourth quarter earnings Tuesday and said current year sales could top $20 billion in what the retailer sees as a ‘recovery and rebuilding’ year.
Macy’s said adjusted earnings for the three months ending in January, the group’s fiscal fourth quarter, came in at 80 cents per share, down 62% from last year but firmly ahead of the Street consensus forecast of a 7 cent bottom line. Group net sales, Macy’s said fell 18.7% to $6.78 billion, but again topped analysts’ estimates of a $6.5 billion tally.
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