News Summary: Macy's 3Q profit up 4.3 pct

AP News
Posted: Nov 07, 2012 10:26 AM

NEW YORK (AP) — MACY'S THIRD QUARTER: Macy's earned $145 million, or 36 cents per share, for the quarter that ended Oct. 27. That's up from $139 million, or 32 cents per share, a year ago. Revenue rose 3.7 percent to $6.07 billion.

ABOVE EXPECTATIONS: Analysts polled by FactSet had expected 29 cents per share on revenue of $6.07 billion.

BEHIND THE NUMBERS: Macy's has been catering to local customers in a way that had been lacking since the chain ditched its numerous regional nameplates such as Marshall Field's and Hecht's. That means focusing on tailoring merchandise to local markets, such as offering more business suits in Washington, D.C. The company has also been doing well with its exclusive brands.