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.