NEW YORK (AP) — NEW YORK (AP) — Macy’s Inc. (M) on Wednesday reported fiscal third-quarter profit of $11 million.
The New York-based company said it had net income of 4 cents per share. Earnings, adjusted for one-time gains and costs, were 9 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.
The department store operator posted revenue of $4.91 billion in the period. Its adjusted revenue was $4.71 billion, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $4.6 billion.
Macy’s expects full-year earnings in the range of $2 to $2.20 per share, with revenue in the range of $21.48 billion to $21.63 billion.
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