Macy’s is feeling bullish about the upcoming holiday season after the department store retailer reported sales growth in the third quarter.
Total sales for the 13-week period ended November 3 were $5.40 billion, up from sales of $5.28 billion in the comparable quarter the previous year. Comparable store sales on an owned basis were up 3.1%. Net income was $62 million, or $0.20 per diluted share, compared with net income of $30 million, or $0.10 per diluted share, in the third quarter of 2017.
“Our strategic initiatives are gaining momentum and delivering results,” said Jeff Gennette, chairman and CEO of Macy’s. “Another double-digit quarter from our digital business and a strong stores performance combined to help us exceed expectations. We continue to see an improved trend in brick and mortar across the fleet.”
Year-to-date, net sales were $16.5 billion, up from net sales of $16.3 billion through the first three quarters of the previous fiscal year. Comparable sales on an owned basis were up 2.4%.
The company has also restated guidance for the remainder of the year. Macy’s now predicts comparable sales growth of between 2.3% and 2.7%, up from previous guidance of 2.1% to 2.5%. Net sales are now forecasted to grow 0.3% to 0.7%. Previous guidance called for sales to be between flat and 0.7% growth.