Macy's 3Q profit surge

AP News
Posted: Nov 09, 2011 9:55 AM
Macy's 3Q profit surge

STRONG RESULTS: Macy's reported net income of $139 million, or 32 cents per share, for the three months ended Oct. 29. That compares with 2 cents per share, or $10 million, in the same period last year. Revenue rose 4.1 percent to $5.85 billion.

THE FACTORS: Macy's is reaping benefits from its move to tailor merchandise by location.

BOOSTED OUTLOOK: Earnings per share for the full year are now expected to be between $2.70 per share and $2.75.That's up from the company's guidance, issued in August, of $2.60 per share to $2.65 per share. Analysts had projected $2.66 per share for the year.