Surge in online sales drives Macy's higher
Macy’s, the second-largest US department-store chain, rose after forecasting annual profit that was higher than analysts’ estimates amid a surge in online sales.
The shares advanced 2.4 per nt to $39.45 in early trading in New York, after increasing 4.6 per cent for the biggest intraday gain since December 31st. Earnings per share for the fiscal year ending January 2014 will advance to as much as $3.95, said the Cincinnati-based retailer yesterday.
Chief executive Terry Lundgren has focused on tailoring merchandise to suit local tastes and benefited from exclusive Tommy Hilfiger, Sean John and Madonna products.
Fourth-quarter revenue climbed 7.2 per cent to $9.35 billion while online sales soared 48 per cent. Net income ended February 2nd fell 2 per cent to $730 million. – (Bloomberg)