Macy’s Tops Profit Estimates on Smaller Job-Cutting Costs
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Macy’s Inc., the second-largest U.S. department-store company, topped fourth-quarter profit estimates after recording a smaller-than-projected charge for a cost-cutting program, even as winter weather hampered sales.
Net income rose 11 percent to $811 million, or $2.16 a share, from $730 million, or $1.83, a year earlier, the Cincinnati-based company said today in a statement. Excluding one-time expenses, profit was $2.31 a share, beating the $2.17 average of 20 analysts’ estimates compiled by Bloomberg.