Macy’s reports 4.3% jump in third-quarter profit
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Department store chain Macy’s Inc. reported strong third-quarter earnings helped by exclusive merchandise and promotions, a good sign ahead of the crucial holiday season.
For the three months ended Oct. 27, the Cincinnati retailer said profit was $145 million, or 36 cents a share, up 4.3% from $139 million, or 32 cents a share, in the same period a year ago. Sales rose 3.8% to $6.1 billion.
Terry J. Lundgren, Macy’s chief executive, attributed the growth to the company’s efforts to localize merchandise for each market and its success at integrating the in-store and online shopping experience.
“We have confidence in our ability to grow sales and earnings in the fourth quarter,” Lundgren said in a statement. That’s despite Superstorm Sandy, he added, which forced about 200 Macy’s and Bloomingdale’s stores on the East Coast to close temporarily.
Analysts say the retailer has attracted shoppers with heavy promotions and a variety of exclusive merchandise through partnerships with celebrities such as Madonna, which should bode well for the final two months of the year as shoppers hunt for gifts.
Macy’s also said it would stop reporting sales on a monthly basis, joining other retailers such as J. C. Penney and Wal-Mart Stores Inc.
Shares of Macy’s fell 42 cents, or 1%, to 40.96 in trading early Wednesday.
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