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Winter weather affects Macy’s fourth-quarter results
Despite an 11% profit increase in the fourth quarter, sales at Macy’s missed forecasts as ongoing winter storms hurt the retailer’s results in January.
Macy’s reported net income of $811 million during the fourth quarter, up 5% from $730 million in the same period a year earlier. Sales dropped 1.6% to $9.2 billion from $9.35 billion. Analysts had expected a more modest decline to about $9.28 billion. Same-store sales grew 1.4% for the quarter, less than the 2.5% projected by Wall Street.