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Macy's profit beats Wall Street expectations

Published on NewsOK Modified: February 26, 2013 at 5:51 pm •  Published: February 26, 2013
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Separately, the two companies are also locked in a lawsuit that alleges Penney violated Macy's exclusive deal with home diva Martha Stewart. That trial is under way in New York City and focuses on whether Macy's has the exclusive right to sell some of Martha Stewart branded products such as cookware, bedding and bath items. Stewart and Penney CEO Ron Johnson are among those expected to take the witness stand in coming days.

For the period ended Feb. 2, Macy's Inc. said it earned $730 million, or $1.83 per share. That compares with $745 million, or $1.74 per share, a year earlier, when the company had more shares outstanding.

Not including one-items such as expenses associated with the early retirement of debt, it earned $2.05 per share. Revenue was $9.35 billion, up from $8.72 billion a year ago.

Analysts expected a profit of $1.99 per share on revenue of $9.35 billion.

Hoguet said the categories that performed best during the period included handbags, watches, shoes, women's suits, luggage and furniture. The weaker categories included housewares and juniors.

This year, she said the company will significantly step up its courtship of customers in their 20s and early 30s with the launch of 13 new brands.

For the year, Macy's earned $3.24 per share on revenue of $27.69 billion. In 2013, it expects earnings per share of $3.90 to $3.95. That's above the $3.85 analysts expected.

Shares of Macy's rose $1.07, or 2.8 percent, to close at $39.59 Tuesday.