Macy’s Sees Bright Holiday As Q3 Sales Grow

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.