Macy's holiday-quarter comparable sales beats forecasts, shares jump

[February 25, 2020]  (Reuters) - Department store chain Macy's Inc <M.N> on Tuesday reported quarterly comparable sales that beat Wall Street estimates with the help of a smaller-than-feared decline in holiday sales.

A woman looks at shoes at Macy's Herald Square during early opening for the Black Friday sales in Manhattan, New York City, U.S., November 28, 2019. REUTERS/Andrew Kelly

Macy’s shares rose 7% in pre-market trade. Comparable sales at Macy's owned and licensed stores fell 0.7% in the fourth quarter ended Feb. 1, compared with the 0.93% drop estimated by analysts, according to IBES data from Refinitiv.

Net income attributable to the company fell to $340 million, or $1.09 per share, from $740 million, or $2.37 per share, a year earlier.

(Reporting by Nivedita Balu in Bengaluru; Editing by Tomasz Janowski and Alexander Smith)

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