Macy’s Inc. boosted its full-year earnings forecast, citing a “strengthening trend” starting in the fourth quarter, and announced a deal to purchase beauty and spa chain Bluemercury.
Department store operator Macy’s Inc said it would close 14 stores in early spring 2015 and cut some jobs to focus on its popular services such as in-store pickups for online orders and “ship-from-store.”
Macy’s Inc., the largest U.S. department-store chain, posted a 23 percent gain in net income last quarter after the company cut expenses, helping it weather disappointing sales.
NEW YORK, United States — Macy’s Inc., the second-largest U.S. department-store company, reported fourth-quarter sales that missed analysts’ estimates after deep holiday discounts failed to spur growth.
NEW YORK, United States -- Macy’s Inc., the second-largest U.S. department-store chain, rose in early trading after forecasting annual profit that surpassed analysts’ estimates amid a surge in online sales. The shares advanced 4.2 percent to $40.15 at 8:37 a.m. in New York, after rising to $40.40. Earnings per share for fiscal 2013 will advance to as much as $3.95, the Cincinnati-based retailer said in a statement today. Analysts projected $3.84, the average of 18 estimates compiled by Bloomberg. Chief Executive Officer Terry Lundgren has focused on tailoring merchandise to suit local tastes and benefited from exclusive Tommy Hilfiger, Sean John and Madonna products. Fourth-quarter revenue climbed 7.2 percent to $9.35 billion while online sales soared 48 percent, Macy’s said today.…