Macy’s 4Q profit slumps, but signs of hope emerge in 2016
- 8 years ago
Macy’s reported a 31 percent decline in fourth-quarter profits, dragged down by store closings and other costs.
But the adjusted results beat Wall Street estimates and sales picked up in the final weeks of the holiday quarter as winter finally arrived, driving sales of coats and boots higher.
A very warm winter early on plagued retailers during the most critical selling period of the year.
Shares rose more than 5 percent before the opening bell Tuesday and appeared headed for a new high for the year.
It’s an encouraging sign for Macy’s, which had to slash prices toward the end of the year as inventories piled up.
But the adjusted results beat Wall Street estimates and sales picked up in the final weeks of the holiday quarter as winter finally arrived, driving sales of coats and boots higher.
A very warm winter early on plagued retailers during the most critical selling period of the year.
Shares rose more than 5 percent before the opening bell Tuesday and appeared headed for a new high for the year.
It’s an encouraging sign for Macy’s, which had to slash prices toward the end of the year as inventories piled up.