• Q3 net profit US$10m, versus $35m loss
  • Sales up 6.6% to $5.6bn
  • Increases FY earnings guidance

Retailer Macy’s returned to profit in the third quarter, boosted by a 6.6% revenue increase and a 3.9% rise in same store sales.

With online sales registering a 24% surge, the company increased its full-year guidance, predicting earnings per share of $1.94-1.99, with fourth quarter same store sales forecast up 3-4%.

“Throughout 2010, we have gained confidence and momentum as customers have responded favourably to our execution of key strategies developed and activated over the past few years,” said Terry Lundgren, Macy’s chairman, president and CEO.

“This bodes well for our business as we enter the holiday selling season with a differentiated and tailored merchandise offering, compelling marketing, and an energised organisation of store associates focused on engaging customers.”