US: Macy's lifts full-year outlook as Q3 profit rises
- Q3 profit up 4.3% to $145m
- Sales rose 3.8% to $6.08bn
- Company has lifted full-year guidance
Department store retailer Macy's today (7 November) raised its full-year earnings guidance as it booked a 4.3% rise in third-quarter net profit, helped by its strategy of tailoring merchandise to the needs of local markets.
Net income rose to US$145m during the 13 weeks ended 27 October, compared to $139m last year. Operating income increased 11.7% to $325m.
Sales were up 3.8% to $6.08bn, boosted by a 40.4% jump in online sales. On a same-store basis, sales rose 3.7%.
"We were pleased to deliver sales and earnings growth for the 11th consecutive quarter," said Terry Lundgren, chairman, president and CEO of Macy's.
"Our success in the third quarter reflected a combination of factors, as has been the case over the past several years. We continue to implement our My Macy's localisation, omni-channel integration and enhanced customer engagement strategies with increasing precision, passion and success. This has helped us to deepen our relationship with customers and capture market share."
Macy's now expects full-year earnings per share to range from $3.35 to $3.40, compared to its previous guidance of between $3.30 and $3.35 per share. The retailer also forecasts same-store sales will increase 4% against earlier guidance of 3.7% growth.
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