Macy’s Inc. (M) on Wednesday reported fiscal third-quarter net income of $62 million.
The Cincinnati-based company said it had profit of 20 cents per share. Earnings, adjusted for one-time gains and costs, were 27 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.
The department store operator posted revenue of $5.4 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $5.38 billion.
Macy’s expects full-year earnings in the range of $4.10 to $4.30 per share.
Macy’s shares have risen 42 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen nearly 2 percent. The stock has risen 85 percent in the last 12 months.
This article provided by NewsEdge.