By Chelsey Dulaney 

Macy's Inc. said profit edged down in its holiday quarter on sluggish sales growth, extending a streak of recent weak results, while the retailer also gave a muted outlook for 2015.

Adjusted earnings for the latest quarter narrowly topped expectations, while the top line came in just below forecasts.

For the full year, Macy's projected per-share earnings of $4.70 to $4.80, just missing the $4.84 analysts had expected, according to Thomson Reuters. Macy's forecast sales growth of 1%, below the 2% growth analysts had expected.

Macy's has posted weak results recently as consumers have spent more of their disposable income on things such as cars, health care, and electronics.

The company has said it is hopeful that improvements in the economy, including lower gas prices, falling unemployment and a healthy stock market, will benefit the retailer going forward.

Last month, Macy's said it was thinking about starting an off-price business for its namesake brand, a reminder that Americans remain value-conscious. The retailer, which started in 1858 as a dry-goods store on the corner of 14th Street and 6th Avenue in New York City, has also announced plans to strengthen its e-commerce and open more outlet stores.

The restructuring, which Macy's has said could affect more than 2,000 workers nationwide, is expected to save the retailer about $140 million a year, starting this year. The latest quarter included $87 million in charges related to the effort, lower than its initial forecast as the company was able to place more associates in new jobs at the company, reducing severance costs.

Overall for the quarter ended Jan. 31, profit fell to $793 million from $811 million. Per-share earnings were $2.26 a share, up from $2.16 a share a year earlier, due to fewer shares outstanding. Excluding the restructuring and store-closing charges, and other items, per-share earnings were $2.44.

Revenue ticked up 1.8% to $9.36 billion.

Analysts polled by Thomson Reuters had expected $2.40 a share in earnings and $9.4 billion in revenue.

As the company reported this month, sales excluding newly opened or closed stores grew 2% in the period, near the low end of its forecast. When licensed departments are included, sales were up 2.5%.

Gross margin in the current quarter edged down to 40.3% from 40.6% a year earlier.

The holiday quarter has been one of the strongest in years for the retail industry. Still, weakness has persisted for some retailers.

Last week, Nordstrom Inc. reported higher fourth-quarter sales, though profit fell on higher acquisition and technology costs.

Michael Kors Holdings Ltd., meanwhile, recently toned down its earnings outlook for the current quarter after sales growth slowed during the year-end holidays, a rare disappointment for a company that has long been impervious to the retail industry's sluggishness.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

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