Macy's 3Q earnings rise; retailer raises 2011 outlook

Macy's net income surged in the third quarter as the department store chain benefited from targeting merchandise for local markets.

The Cincinnati-based retailer also raised its full-year profit outlook Wednesday but offered scaled-back guidance for this quarter, which covers the upcoming holiday period. Shares fell 5.3%, or $1.70, to $30.46 in morning trading.

Macy's (M) says it earned $139 million, or 32 cents per share, for the three months ended Oct. 29. That compares with 2 cents per share, or $10 million, in the same period last year. Revenue rose 4.1% to $5.85 billion.

Analysts had expected earnings of 16 cents per share on revenue of $5.87 billion, according to FactSet. Retailers are heading into the critical holiday shopping season, which can account for as much as 40% of annual revenue.

Read Full Article from USA Today

- Posted: 2011-11-09 14:33:27

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