Macy's Q4 profit rises 50% on strong holiday selling season
CINCINNATI -- Macy’s reported Tuesday that net income jumped 50% in the fourth quarter ended Jan. 29, and projected its full-year profit would meet Wall Street expectations.
After a strong holiday season, the retailer earned $667 million in the fourth quarter, compared with $445 million in the year-ago period.
Revenue rose 5% to $8.27 billion, just missing analysts’ average forecast for $8.28 billion. Same-store sales increased 4.3%.
“We believe that our company is now on a clear path that will lead to continued growth in sales, earnings and cash flow in the years ahead,” said Terry Lundgren, chairman, president and CEO of Macy’s. “We remain in the early phases of implementing several key strategies -- localizing assortments through My Macy’s, embracing customer centricity and driving omnichannel integration.”
For the year, same-stores sales rose 4.6%, compared with Macy's forecast for a 1% to 2% rise. Online sales gained 28.7% for the fiscal year.
"Fiscal 2010 was a very successful year for Macy's and Bloomingdale's based on a combination of strong sales, steady margins and continued expense discipline," Lundgren said.