Third quarter sales at Macy’s were down, but the company reported an increase in net income for the period ended October 28.
Total sales were $5.28 billion, down 6.1% from the comparable quarter the previous year. Comparable store sales, inclusive of owned and departments licensed to third parties, were down 3.6%. Net income was $34 million, up from net income of $15 million in the third quarter of 2016. Diluted earnings per share was $0.12 compared with earnings per share of $.05 in the third quarter the previous year.
Jeff Gennette, Macy’s CEO, said the company was “pleased” with the third quarter results and the company remains on track to meet its full-year sales and earnings guidance for 2017.
Macy’s also reaffirmed its previously provided guidance for full-year 2017. The company expects comparable sales on an owned basis to decline between 2.2% and 3.3%, with comparable sales on an owned plus licensed basis to decline between 2% and 3%. Total sales are expected to be down between 3.2% and 4.3% in fiscal 2017.