Macy’s Inc reported stronger-than-anticipated fourth-quarter earnings while bolstering its dividend and share buyback plans, according to a news release by Macy’s Inc on Tuesday.
- The company reported profits of $742 million or $2.44 per share in Q4. This compares with $160 million or $0.50 per share in last year’s fourth quarter. Adjusted earnings per share of $2.45 per share.
- The company’s revenue for the quarter jumped 27.9% to $8.67 billion from $6.78 billion last year.
- Same-store sales rose 27.8% YOY. Analysts were expecting same-store sales growth of 24.25%. Digital sales rose 12%YOY and rose 36% on a two-year basis.
- For the full year 202, Macy’s expect net sales to come in around $24.4 billion to $24.7 billion, with adjusted earnings in the region of $4.13 to $4.52 per share.
Macy’s also upgraded its dividend by 5% to $15.75 per share and added $2 billion to its share buyback plans. M up +7.39%, pre-market trading.