February 25, 2014 at 8:26 am

Macy's 4Q profit up 11%; misses forecasts

Shoppers descend on an escalator at the Macy's Herald Square store in New York. Macy's Inc. reports quarterly financial results before the market opens on Feb. 25, 2014. (John Minchillo / AP)

New York — Macy’s Inc. is reporting an 11 percent increase in fourth-quarter profit, but its results missed Wall Street expectations as a string of winter storms chilled sales in January.

The department store chain, which operates Macy’s and Bloomingdale’s, says it earned $811 million, or $2.16 per share, in the three months that ended Feb. 1. That compares with $730 million, or $1.83 per share, a year earlier.

Revenue slipped 1.6 percent to $9.2 billion.

Analysts were expecting $2.17 per share on revenue of $9.28 billion, according to FactSet.

Revenue at stores open at least a year rose 1.4 percent, below the 2.5 percent increase that Wall Street analysts expected.

The Cincinnati-based retailer has been a standout among its peers throughout the economic recovery.