Macy’s beats 3Q profit forecasts

CINCINNATI (AP) — Macy’s Inc. on Thursday reported fiscal third-quarter net income of $36 million.

The Cincinnati-based company said it had net income of 12 cents per share. Earnings, adjusted for one-time gains and costs, were 23 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.

The department store operator posted revenue of $5.28 billion in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $5.31 billion.

Macy’s expects full-year earnings in the range of $2.91 to $3.16 per share.

Macy’s shares have decreased 51 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 16 percent. The stock has dropped 54 percent in the last 12 months.

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