Macy's Posts Third Quarter Earnings, Misses Revenue Estimates

Macy's reported third quarter financial results before the bell on Wednesday. The company beat estimates on the bottom line, but missed Wall Street's expectations on the top line. The company reported net income of 61 cents per share, compared to analyst forecasts of 50 cents and up from last year's 47 cents. The company posted sales of $6.2 billion for the quarter, even though Wall Street was looking for $6.34 billion. Last year's revenue was $6.28 billion. Shares of Macy's are trading up almost 3% at about $60.30 per share. The stock is up 12.7% year-to-date. TheStreet's Scott Gamm has details from New York.