On Tuesday, Macy’s (M) posted higher fiscal fourth-quarter profits, but fell short of Wall Street sales estimates. Investors shook off the sales miss, sending M stock up more than 2% in Tuesday morning trading.
M stock gained after Macy’s reported a quarterly profit of $811 million, up 11% from $730 million during the year-ago period. Adjusted EPS came in at $2.31 per Macy’s share, easily beating the $2.17 per share that analysts had forecast, the Associated Press notes.
However, Macy’s said it generated sales of just $9.2 billion during the quarter, down 1.6% from the prior-year period, and missing the sales of $9.28 billion that analysts were expecting.
Macy’s attributed the lower sales to harsh weather conditions during January. The department store chain says it still expects current fiscal year earnings of between $4.40 and $4.50 per share, in line with Wall Street forecasts.
M stock closed at $53.06 a share on Monday. M stock has gained more than 35% over the past twelve months.