Macy’s Beats Sales Estimate, Doubles Dividend (M)
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…
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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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
