Macy’s posts strong Q3; profit up 22%

New York -- Macy's reported a profit for the third quarter that easily exceeded Wall Street, helped by stepped up marketing.

For the quarter ended Nov. 2, Macy's earned $177 million, up from $145 million a year ago.

Revenue rose 3% to $6.28 billion. Same-store sales increased 3.5%, beating the 2.1% rise analysts expected.

Sales trends improved in every region, and both the Macy’s and Bloomingdale’s chains performed well, the retailer said.

Macy’s chairman and CEO Terry Lundgren called the results particularly notable in light of the “tepid economic climate” of the quarter, which included consumer spending that occurred during the government shutdown in October.

“Our improved sales performance resulted from continued success in the execution of our key strategies – My Macy’s localization, omnichannel integration and Magic Selling customer engagement. In addition, business in the third quarter benefitted from intensified marketing strategies to emphasize the outstanding value in our merchandise deliveries,” said Lundgren.

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