Macy's, Inc. M shares are off a little more than 2% today, despite the legendary department store having reported better than expected earnings this morning.
The company said that it will raise prices as input costs rise.
For the fourth quarter, Macy's reported earnings of $1.55 per share, or $1.59 per share excluding items. Wall Street expected earnings of $1.51 per share. Revenue missed estimates, coming in at $8.269 billion, versus estimates of $8.277 billion.
Chief Financial Officer Karen Hoguet said during a conference call that selling, general and administrative expenses of approximately $2.25 billion were slightly higher than last year, but were better than the company expected.
"Fiscal 2010 was a very successful year for Macy's and Bloomingdale's based on a combination of strong sales, steady margins and continued expense discipline," Chairman, President and CEO Terry Lundgren said in a statement.
Macy's said it expects to earn between $2.25 and $2.30 per share on revenues of around $25.8 billion. Wall Street expects earnings of $2.27 per share on revenues of $25.7 billion.
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