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Macy’s
on Wednesday beat Wall Street’s sales expectations for the third quarter in a row and posted its strongest growth in more than three years as the company’s turnaround strategy showed signs of momentum.
The department store operator raised its full-year sales and earnings outlook after its better-than-expected fiscal third quarter. The retailer now expects adjusted earnings per share of between $2 and $2.20, up from its previous expectation of $1.70 to $2.05, and net sales of $21.48 billion to $21.63 billion, compared with its prior outlook of $21.15 billion and $21.45 billion.
Macy’s said it expects flat to roughly 0.5% comparable sales growth from the previous year. That compares to its previous expectations for a year-over-year decline of between 0.5% and 1.5%. The industry metric takes out one-time dynamics like store openings and closures, and Macy’s includes merchandise that it owns, items for brands that pay for space within its stores and its third-party online marketplace.
