(Updated - February 27, 2018 8:03 AM EST)

Macy's (NYSE: M) reported Q4 EPS of $2.82, $0.14 better than the analyst estimate of $2.68. Revenue for the quarter came in at $8.67 billion versus the consensus estimate of $8.65 billion.

Comparable sales on an owned basis were up 1.3 percent in the fourth quarter and up 1.4 percent on an owned plus licensed basis.

Looking Ahead

The company is strategically investing to accelerate the rollout of a number of near-term growth initiatives impacting stores, technology and merchandising. The company has also developed an employee incentive program to drive results and engagement with associates at every level of the organization, with an emphasis on its hourly associates. These investments are expected to support the company’s return to comparable sales growth in fiscal 2018.

Guidance for fiscal 2018 reflects the new accounting standards related to revenue recognition and retirement benefits. Macy's, Inc. has recast its quarterly preliminary and unaudited income statements and balance sheets for 2016 and 2017, which can be found on the investor relations page at www.macysinc.com.

For fiscal 2018, the company expects comparable sales on both an owned and an owned plus licensed basis to be flat to up 1 percent. Total sales are expected to be down between 0.5 percent and 2 percent in fiscal 2018. Adjusted earnings per diluted share of $3.55 to $3.75 are expected in fiscal 2018, excluding anticipated settlement charges related to the company’s defined benefit plans. Adjusted earnings per diluted share include anticipated asset sale gains of $300 million to $325 million in fiscal 2018, compared to $544 million in asset sale gains for fiscal 2017. The company anticipates an effective annual tax rate of 23.25 percent for fiscal 2018.

Total sales guidance is provided on a 52-week basis in 2018 compared to a 53-week basis in 2017. Comparable sales guidance is provided on a 52-week basis in both 2018 and 2017.

(Street sees FY18 EPS of $3.04)

For earnings history and earnings-related data on Macy's (M) click here.