Macy's Q3 Results Beat Street; Backs Forecast - Quick Facts

(RTTNews) - Department store chain Macy's Inc. (M) posted higher third-quarter net income of $177 million, or $0.47 per share, compared with last year's $145 million, or $0.36 per share. On average, 20 analysts polled by Thomson Reuters expected earnings of $0.39 per share for the quarter. Analysts' estimates typically exclude one-time items.

Macy's operating income totaled $360 million or 5.7 percent of sales for the quarter.

The firm clocked $6.28 billion of sales in the quarter, up 3.3 percent from $6.08 billion reported a year back. Analysts estimated revenues of $6.19 billion for the quarter. On a comparable basis, Macy's quarterly sales rose 3.5 percent in 2013 over 2012. Together with sales from departments licensed to third parties, third-quarter 2013 sales on a comparable basis went up by 4.6 percent.

Looking ahead, the company still expects comparable sales to increase in the range of 2.5 percent to 4 percent in the second half of 2013, and in the range of 2 percent to 2.9 percent for the full year. Fiscal 2013 earnings is still expected to be in the $3.80 - $3.90 per share range. Twenty-three analysts project annual earnings of $3.78 per share.