Nov 12, 2014 8:33 AM
Macy's 3Q profit tops Street, cuts 2014 outlook
The Associated Press
CINCINNATI (AP) Macy's third-quarter net income rose 23 percent as some expenses fell.
The retailer's profit topped analysts' estimates, and its shares climbed in Wednesday premarket trading.
For the period ended Nov. 1, Macy's earned $217 million, or 61 cents per share. That's up from $177 million, or 47 cents per share, a year earlier.
The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share.
Macy's stock gained $1.03 to $59.62 before the market open.
Its selling, general and administrative expenses dropped in the quarter.
The department store operator's revenue dipped 1 percent to $6.2 billion from $6.28 billion. Analysts expected higher revenue of $6.35 billion, according to Zacks.
Macy's Inc., which has corporate offices in New York and Cincinnati, said that it now foresees 2014 earnings between $4.25 and $4.35 per share. Its prior outlook was for $4.40 to $4.50 per share. Analysts polled by FactSet expect full-year earnings of $4.41 per share.
Elements of this story were generated by Automated Insights using data from Zacks Investment Research. M stock research report from Zacks.
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