Tags: Macys | Raises | Outlook | Earnings

Macy's Raises Outlook as Earnings Rise

Wednesday, 09 Nov 2011 09:38 AM

Macy's reported a higher third-quarter profit, helped by sales gains on its website and at its upscale Bloomingdale's chain, and the retailer raised its profit forecast for the fiscal year.

Macy's raised its profit per share forecast for the current year 10 cents to a range of $2.70 to $2.75, and expects $1.52 to $1.57 of that to come in the holiday quarter.

Macy's, which also owns the upscale Bloomingdale's chain, reported net income of $139 million, or 32 cents a share, for the quarter that ended Oct. 29, compared with $10 million, or 2 cents a share, a year earlier.

Analysts had expected the company to report earnings of 16 cents per share on revenue of $5.89 billion.

The department store operator reaffirmed its sales forecast and still expects same-store sales, or sales at stores open at least a year, to rise between 4 percent and 4.5 percent in the current holiday season quarter.

© 2017 Thomson/Reuters. All rights reserved.

 
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Macy'sreported a higher third-quarter profit, helped by sales gains on its website and at its upscale Bloomingdale's chain, and the retailer raised its profit forecast for the fiscal year. Macy's raised its profit per share forecast for the current year 10 cents to a range...
Macys,Raises,Outlook,Earnings
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2011-38-09
Wednesday, 09 Nov 2011 09:38 AM
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