Macy's Reports Better-Than-Expected Profit, but Revenue Misses

Macy's (M) - Get Report shares are trading up this morning after the retail company beat earnings estimates in the fourth quarter, but missed on the top line. That's mostly due to falling sales. Macy's adjusted earnings were $2.02 per share, seven cents above estimates. Revenue for the period was $8.52 billion, slumping 4% from a year ago and below analysts' forecasts of $8.61 billion. The company said it anticipates its 2017 sales to fall by as much as 4.3%, while its fourth quarter same store sales fell 2.1%. After fending off activist investor Starboard, which urged Macy's to spin off its real estate assets, the retailer is now looking at a takeover offer.