Saks (SKS) and Macy’s (M) posted strong earnings results and investors rewarded then on Tuesday, as both stocks rose more than 4% in morning trading.
Macy’s posted EPS of $1.70, which was higher than its own guidance range of $1.63 to $1.65 and analysts expectations for $1.65. Same store sales rose 5.2% in the quarter, although gross margin slid by 33 basis points as has been the case for many retailers. Online sales grew 40% year over year and accounted for 1.7 percentage points of the same-store-sales increase. The company’s 2012 guidance was in line with expectations.
Saks rode strong luxury spending to a better than expected quarter, posting 17 cents of EPS, three cents ahead of expectations.
�Our comparable store sales rose 7.7% in the fourth quarter, in line with our expectations and on top of an 8.4% comparable store sales increase in last year�s fourth quarter,” said Chairman and CEO Stephen Sadove in a statement. “For the full fiscal year, our comparable store sales rose 9.5%, among the best in retail.�
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