Pursuits
Macy’s Profit Beats Estimates on Controlled Promotions
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Macy’s Inc., the second-biggest U.S. department-store chain, posted fourth-quarter profit that beat analysts’ estimates after using promotions to lure shoppers during the holiday season without cutting prices too deeply.
Net income in the three months ended Jan. 28 rose 12 percent to $745 million, or $1.74 a share, from $667 million, or $1.55, a year earlier, Cincinnati-based Macy’s said in a statement today. Excluding one-time items, Macy’s earned $1.70 a share. Analysts projected $1.65, the average of 12 estimates compiled by Bloomberg.