Business

Macy’s 3Q net income rises 4.3 pct, tops estimates

Posted November 07, 2012 7:13 am

Associated Press

NEW YORK — Macy’s is reporting a 4.3 percent increase in third-quarter net income, helped by the department store owner’s efforts to tailor merchandise to local markets and bring in trendy exclusive brands.

The Cincinnati, Ohio-based retailer’s earnings beat Wall Street expectations and it is raising its full-year guidance.

It says it is optimistic about the holiday season despite disruptions from Superstorm Sandy, which hit two days after the company closed its books on the quarter.

Macy’s Inc. said Wednesday that it earned $145 million, or 36 cents per share, for the three-month period ended Oct. 27. That compares with $139 million, or 32 cents per share in the year-ago period.

Revenue rose 3.7 percent to $6.07 billion.

Analysts polled by FactSet had expected 29 cents per share on revenue of $6.07 billion.

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