UPDATE: Macy's Posts Upbeat Q4 Profit, Issues Strong Forecast

Macy's M reported a drop in its fiscal fourth-quarter profit. Macy's quarterly profit declined to $730 million, or $1.83 per share, versus $745 million, or $1.74 per share, in the year-ago period. Its sales climbed 7.2% to $9.35 billion from $8.72 billion, while comparable store sales gained 3.9%. Excluding special items, it earned $2.05 per share, versus analysts' estimates of $1.99 per share. For this year, Macy's expects profit of $3.90 to $3.95 per share, versus estimates of $3.85 per share. Macy's shares gained 4.62% to $40.30 in pre-market trading.