February 26, 2013 / 1:25 PM / 4 years ago

CORRECTED-Macy's sees strong year ahead following brisk holiday sales

1 Min Read

(Corrects Thomson Reuters FY estimate to $3.81/shr from $3.41)

Feb 26 (Reuters) - Strong holiday period sales helped Macy's Inc forecast yearly profits above Wall Street's expectations, and the department store chain forecast that same-store sales would rise again this year.

Macy's, which also operates the Bloomingdale's chain of luxury stores, said it expected same-store sales to rise about 3.5 percent during the year and forecast earnings of $3.90 to $3.95 a share, compared with an average Wall Street estimate of $3.81, according to Thomson Reuters I/B/E/S.

The retailer reported net income of $730 million, or $1.83 per share for the quarter that ended Feb. 2, compared with a profit of $745 million, or $1.74 per share a year earlier.

Sales rose 7 percent to $9.35 billion. (Editing by Maureen Bavdek and Gerald E. McCormick)

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