Macy’s Inc. shares are up 5.7% in premarket trading after the company reported fourth-quarter earnings that exceeded expectations. The retailer said it had net income of $543 million, or $1.73 per share, down from $793 million, or $2.26 per share, for the same period last year. Adjusted earnings were $2.09 per share, excluding $177 million in impairments, store closures and other costs. The FactSet consensus was $1.89. Sales for the quarter totaled $8.87 billion, down 5.3% from $9.37 billion year-over-year. The FactSet consensus was $8.83 billion. Fourth-quarter same-store sales on an owned plus licensed basis were down 4.3%. On an owned basis, same-store sales for the quarter were down 4.8%. The FactSet consensus forecast a 5.1% drop. Macy’s sees a 1% same-store sales decline for fiscal 2016 on an owned plus licensed basis. The company expects earnings between $3.80 and $3.90 for the fiscal year compared with a FactSet consensus of $3.90, and a 2% sales decline for the year. Macy’s shares are down 36% for the past year while the S&P is down 7.8%.
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