Macy's lifts 4Q outlook on strong January sales

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Associated Press

Posted on February 7, 2013 at 7:00 AM

Updated Thursday, Feb 7 at 8:02 AM

CINCINNATI (AP) — Macy's is raising its fourth-quarter adjusted earnings forecast due to its strong performance in January.

Shares climbed nearly 4 percent to $41.01 in premarket trading.

The department store operator, which runs Bloomingdale's and its namesake stores, said Thursday that it now foresees quarterly earnings between $1.94 and $1.99 per share, up from a range of $1.91 to $1.96 per share.

Analysts surveyed by FactSet expect $1.96 per share.

Quarterly revenue climbed 7 percent to $9.35 billion. Analysts predicted $9.29 billion.

Revenue at stores open at least a year, a key gauge of a retailer's performance, rose 11.7 percent in January. This handily topped the 6.4 percent increase analysts polled by Thomson Reuters expected.

Macy's Inc. also says it will change its retirement plans to better manage rising costs.

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