Christmas sales lift Macy’s earnings

— Macy’s Inc.’s fiscal fourth-quarter net income surged 50 percent, driven by a strong Christmas sales season.

The Cincinnati department store operator also Tuesday forecast full-year earnings in a range that includes analysts’ average estimate.

Macy’s earned $667 million, or $1.55 per share, for the period that ended Jan. 29. That’s up from $445 million, or $1.05 per share, a year earlier.

Adjusted earnings were$1.59 per share. Analysts expected $1.51 per share.

Revenue rose 5 percent to $8.27 billion, narrowly missing Wall Street’s average forecast for $8.28 billion. A key revenue metric climbed 4.3 percent.

The company, which runs Bloomingdale’s and Macy’s stores, has picked up market share from competitors in part by tailoring its stock in each store to its region and by emphasizing exclusive brands more.

Shares fell 29 cents to close at $23.46.

Business, Pages 22 on 02/23/2011

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