NEW YORK (AP) _ Macy's Inc. (M) on Tuesday reported fiscal fourth-quarter profit of $160 million.
On a per-share basis, the New York-based company said it had net income of 50 cents. Earnings, adjusted for one-time gains and costs, came to 80 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.
The department store operator posted revenue of $6.78 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $6.5 billion.
Macy's expects full-year earnings in the range of 40 cents to 90 cents per share, with revenue in the range of $19.75 billion to $20.75 billion.
Macy's shares have increased 36% since the beginning of the year, while the Standard & Poor's 500 index has increased 3%. The stock has decreased 8% in the last 12 months.