Macy's beats 3Q profit forecasts
CINCINNATI (AP) — Macy's Inc. (M) on Wednesday reported fiscal third-quarter net income of $118 million.
On a per-share basis, the Cincinnati-based company said it had net income of 36 cents. Earnings, adjusted for asset impairment costs, were 56 cents per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.
The department store operator posted revenue of $5.87 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $6.15 billion.
For the current quarter ending in January, Macy's expects its per-share earnings to range from $2.54 to $2.64.
The company expects full-year earnings in the range of $4.20 to $4.30 per share.
Macy's shares have decreased 28 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 1 percent. The stock has fallen 21 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on M at http://www.zacks.com/ap/M
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