Macy's Beats Its Own Reduced Earnings Expectations
It could be said Macy's (NYSE: M) was trying to underpromise and overdeliver after reporting fourth-quarter earnings that exceeded its previous dour forecast for the period.
After experiencing a worse-than-expected drop in third-quarter same-store sales in November, the retailer cut its annual profit and revenue guidance, and remained glum even when holiday sales weren't as bad as anticipated.
Although the results it just released still weren't great -- sales, comps, and earnings were all well below last year's comparable figures -- Macy's beat the expectations it had managed to lower.
Source Fool.com