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Macy's net income falls 31.52% in Q4 FY15
27
Feb '16
Courtesy: Macy
Courtesy: Macy's
Macy's, a leading apparel retailer based in the US, reported a fall of 31.52 per cent in its net income to $543 million in the fourth quarter of fiscal 2015, ending on January 30, 2016 as compared to $793 million in the corresponding period last fiscal, according to a press statement released by the retailer.

Diluted EPS, attributable to its shareholders, was reported to be $1.73 in the fourth quarter of FY15 as compared to $2.26 in the corresponding quarter of fiscal 2015, a fall of 23.45 per cent.

Operating income for the quarter was $936 million as compared to $1,364 million in the same period of the prior fiscal, a fall of 31.37 per cent.

Net sales for Q4 stood at $8,869 million as compared to $9,364 million in the prior fiscal, a fall of 5.58 per cent.

Commenting on the results, Terry Lundgren, chairman and CEO of Macy's said, “While 2015 was challenging, our sales trend improved in January as the weather turned colder in northern climate zones and Macy's and Bloomingdale's were well-stocked in coats, boots, sweaters, gloves, hats and other seasonal goods. As the year ended, our inventories were in good shape (up by 0.7 percent on a comp basis).”

“We are encouraged by the way the business responded going into 2016, and we believe we are well positioned to stabilise sales levels this year as we lay the foundation for enhanced shareholder value and sustained, long-term profitable growth,” he added.

Earnings of $3.80 to $3.90 per diluted share are expected in 2016. (MCJ)

Fibre2Fashion News Desk - India

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