February 25, 2020 / 12:12 PM / a month ago

CORRECTED-Macy's holiday-quarter comparable sales beats forecasts, shares jump

(Corrects comp sales for Q4 figure)

Feb 25 (Reuters) - Department store chain Macy’s Inc on Tuesday reported quarterly comparable sales that beat Wall Street estimates with the help of a smaller-than-feared decline in holiday sales.

Macy’s shares rose 7% in pre-market trade.

Comparable sales at Macy’s owned and licensed stores fell 0.5% in the fourth quarter ended Feb. 1, compared with the 0.93% drop estimated by analysts, according to IBES data from Refinitiv.

Net income attributable to the company fell to $340 million, or $1.09 per share, from $740 million, or $2.37 per share, a year earlier. (Reporting by Nivedita Balu in Bengaluru Editing by Tomasz Janowski and Alexander Smith)

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