Macy's profit beats on stronger sales

NEW YORK Macy's Inc. (M) is reporting a stronger-than-expected profit for its latest quarter as the department store chain benefited from stronger sales.

Its shares rose more than 5 percent in premarket trading.

The Cincinnati, Ohio-based chain says it earned $177 million, or 47 cents per share for the period ended Nov. 2. That compares with $145 million, or 36 cents per share, a year ago.

Revenue rose 3 percent to $6.28 billion.

Analysts expected earnings per share of 39 cents on revenue of $6.19 billion.

Revenue at stores opened at least a year, a key metric, was up 3.5 percent.

Macy's, the first of the major retailers to report third-quarter results, has been a standout among its peers throughout the economic recovery. The chain has been reaping the benefits of its strategy of tailoring merchandise to local markets.

Comments

Market Data

Market News

Stock Watchlist