Macy's same-store sales growth trounces analyst estimates, shares jump

[February 27, 2018]  NEW YORK (Reuters) - Macy's Inc on Tuesday reported higher-than-expected same-store sales growth for the fourth quarter, fueled by higher holiday sales and a marketing and loyalty program overhaul, sending shares surging in premarket trading.

 People gather at the Broadway entrance of Macy's Herald Square store ahead of early opening for the Black Friday sales in Manhattan, New York, U.S. November 23, 2017. REUTERS/Andrew Kelly/File Photo

Sales at Macy's stores open more than 12 months, including sales in departments licensed to third parties, rose 1.4 percent, well above the average analyst estimate of a 0.31 percent increase, according to Thomson Reuters I/B/E/S.

Macy's shares were up as much as 12 percent at $30.70 in premarket trading on Tuesday.

(Reporting by Meredith Mazzilli, Editing by Franklin Paul)

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