NEW YORK (TheStreet) -- Shares of Macy's, Inc (M) are higher by 2.75% to $60.20 in morning trading Wednesday, after the retailer's bottom line surpassed analysts' expectations with third quarter earnings of 61 cents per share, compared to the consensus estimate of 51 cents per share.
Revenue for the quarter was down 1.3% year over year to $6.2 billion, missing the consensus estimate of $6.35 billion.
Macy's, which also operates Bloomingdale's, said it is optimistic about its current quarter, but cut its earnings and sales guidance for the full year after the disappointing third quarter sales.
The company issued an update to its full year 2015 earnings guidance to a range of $4.25 per share to $4.35 per share, compared to the Thomson Reuters consensus estimate of $4.42 per share.
Separately, TheStreet Ratings team rates MACY'S INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate MACY'S INC (M) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, solid stock price performance, growth in earnings per share and increase in net income. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."