Macy’s 4Q results beat Wall Street expectations

NEW YORK (AP) — Macy’s is announcing a multiyear money saving restructuring program as the department store released fiscal fourth-quarter results that beat Wall Street expectations.

The department store chain said the program would result in cost savings of $100 million.

The company says it earned net income of $740 million, or $2.37 per share, in the period ended Feb. 2. That compares with net income of $1.35 billion, or $4.38 per share, in the year-earlier period.

Adjusted results were $2.73 per share.

Revenue reached $8.46 billion, down 3.1 percent from $8.67 billion in the year-ago period.

Analysts expected profit of $2.53 per share on sales of $8.44 billion.

Sales at stores opened at least a year rose 2 percent in the quarter.

Shares are up more than 1 percent in premarket trading.