December same-store sales at Macy’s Inc. (NYSE: M) rose 6.2%, well above the consensus estimate of 5%. But sales for the peak sales season of November and December rose less, just 5.7%.
But the really good news for investors came later in the press release:
Given the strength in our company’s sales, earnings and cash flow, we are enhancing our return to shareholders by doubling our quarterly dividend and increasing our share purchase authorization by $1 billion.
Macy’s will now pay a dividend of $0.20/quarter. On an annual basis, Macy’s same-store sales have risen 5.4% in 2011.
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