Mark Lennihan, Associated Press
In this Feb. 19, 2015 photo, Macy's shoppers leave the retailer's flagship store, Thursday, Feb. 19, 2015 in New York. Macy's Inc. reports quarterly financial results before the market opens Tuesday, Feb. 24, 2015.

Macy's fourth-quarter net income slipped 2 percent as the retailer paid off some debt early and saw expenses rise, but its bottom line beat Wall Street expectations.

The department store operator says it earned $793 million, or $2.26 per share, in the quarter that ended Jan. 31. That compares with earnings of $811 million, or $2.16 per share, last year, when the company had more shares outstanding.

Adjusted results totaled $2.44 per share, excluding charges for store closings and a previously announced merchandising and marketing restructuring, among other items.

That topped the average analyst forecast of $2.39 per share.

Macy's Inc., which has corporate offices in Cincinnati and New York, saw revenue climb nearly 2 percent to $9.36 billion, which fell short of analyst expectations for $9.4 billion.