Department store group Macy’s reported a solid performance in 2012 on the back of strong online growth.

For the full year, sales reached $27.69bn (£18.38bn), an increase of 4.9% on the previous year. Like-for-like sales, which strip out an extra week in fiscal 2012, increased 3.7%, beating company guidance.

Online sales from and surged 47.7% in the fourth quarter and 41% in fiscal 2012 compared with the comparable periods in 2011.