Macy's delivered a bigger profit than expected during the holiday quarter.
The department store operator said it is planning for a choppier year ahead.
Macy's said it expects net sales to decline in a range of 1% to 3% in the fiscal year compared with 2022, which would translate to between $23.7 billion to $24.2 billion. It said it expects its adjusted diluted earnings per share will range from $3.67 to $4.11. Here's how Macy's did for its three-month period that ended Jan. 28 compared with what analysts were anticipating, based on Refinitiv estimates:Net income for the fourth quarter fell to $508 million, or $1.83 per share, from $742 million, or $2.44 a share, a year earlier. The company reported adjusted per share earnings of $1.88. Excluding a tax benefit in the quarter, adjusted earnings per share come out to $1.71.
Macy's results signal that sales patterns picked up in the final weeks of the quarter. In early January, the company had shared early holiday numbers. At the time, it said it expected its
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