M Stock Rises Despite Disappointing Macy’s Sales

Cold, snowy weather in January kept shoppers away from stores

   

M Stock Rises Despite Disappointing Macy’s Sales

macys m stock macys 300x300 M Stock Rises Despite Disappointing Macys SalesOn 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.

snow street 200x200 M Stock Rises Despite Disappointing Macys Sales
How Bad Weather Affects the Stock Market

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.


Article printed from InvestorPlace Media, http://investorplace.com/2014/02/m-stock-rises-despite-disappointing-macys-sales/.

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