UPDATE 1-Macy's profit rises, company raises forecast

Wed Nov 7, 2012 8:13am EST

Nov 7 (Reuters) - Macy's Inc on Wednesday reported a higher third-quarter profit, helped by sales gains, and raised its full-year profit outlook.

Macy's reported net income of $145 million, or 36 cents a share, for the quarter ended Oct. 27, up 4.3 percent from $139 million, or 32 cents a share, a year earlier

Macy's, which also owns the upscale Bloomingdale's chain, raised its full-year profit per share outlook by 5 cents and now expects to earn between $3.35 and $3.40.

For the holiday quarter, when Macy's expects same-store sales to rise 4.2 percent, Macy's expects to earn $1.94 a share to $1.99 a share.

Third-quarter sales rose 3.8 percent to $6.08 billion. Sales at stores open at least a year, a key industry metric known as same-store sales, rose 3.7 percent.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video