UPDATE: Macy's Posts Downbeat Q4 Sales

Macy's

reported a rise in its fourth-quarter profit. Macy's quarterly profit surged to $811 million, or $2.16 per share, versus a year-ago profit of $730 million, or $1.83 per share. Its sales dropped to $9.2 billion versus $9.35 billion. Excluding items, its adjusted profit came in at $2.31 per share. However, analysts were expecting a profit of $2.17 per share on sales of $9.27 billion. For the full year, Macy's kept its profit forecast of $4.40 to $4.50 per share, versus analysts' estimates of $4.45 per share. Macy's shares fell 1.83% to $52.09 in pre-market trading.