-
Macy’s sells back stake in The Knot
New York City --- The Knot, a media company that targets brides-to-be and pregnant women, said Monday that Macy's has sold back its 10.7% stake in The Knot for $37.7 million.
The Knot did not give a reason for the repurchase and said it is part of a previously announced $50 million buyback plan.
The sale doesn't affect the companies' advertising and wedding registry agreements: The Knot will continue to direct wedding-minded readers to Macy's and Bloomingdale's registries, and Macy's will keep advertising in The Knot's media properties. -
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%.