Macy's Swings Back to the Black
NEW YORK (
) --
Macy's
(M) - Get Report
swung to a profit in its third-quarter, sending shares up in pre-market trading.
During the quarter, Macy's earned $10 million, or 2 cents a share, compared with a loss of $35 million, or 8 cents, in the year-ago period.
Excluding items, the department store actually earned 8 cents a share, better than the 3 cents analysts expected.
Macy's sales grew 6.5% to $5.62 billion from $5.27 billion last year, while same-store sales rose 3.9%.
Analysts were calling for revenue of $5.55 billion.
Last week, Macy's upped its outlook for the second-half of the year, and now expects earnings between $1.50 and $1.55 a share, from a prior outlook of $1.45 to $1.50 a share. For the year, Macy's is calling for a profit of between $1.94 and $1.99 a share, compared with a previous outlook of $1.89 to $1.94 a share.
--Written by Jeanine Poggi in New York.
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