Investing.com - U.S. department store operator Macy’s saw shares more than 1% in pre-market trade on Tuesday, after reporting lower-than-expected fourth quarter revenue.
Macy’s said adjusted earnings per share came in at $2.31 in the final three months of 2013, above expectations for adjusted earnings of $2.17 per share. The company’s fourth quarter revenue totaled $9.20 billion, missing forecasts for revenue of $9.27 billion.
Macy’s comparable sales increased 1.4% in the fourth quarter, below expectations for an increase of 2.5%.
Following the release of the report, Macy’s shares fell by as much as 1.7% in pre-market trade, before paring losses to trade down 0.8%.
Meanwhile, the outlook for U.S. equity markets was mildly lower. The Dow Jones Industrial Average futures pointed to a loss of 0.15% at the open, S&P 500 futures lost 0.15%, while the Nasdaq 100 futures indicated a decline of 0.1% at the open.
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