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M Stock Rises Despite Disappointing Macy’s Sales

Cold, snowy weather in January kept shoppers away from stores


macys-m-stock-macy'sOn 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.

How Bad Weather Affects the Stock Market
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,

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