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Macy's lifts 4Q outlook on strong January sales

Thursday, February 07, 2013 | 9:42 AM    

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CINCINNATI (AP) – US chain store Macy's is raising its fourth-quarter adjusted earnings forecast due to its strong performance in January.

Shares climbed nearly 4 per cent to US$41.01 in premarket trading.

The department store operator, which runs Bloomingdale's and its namesake stores, said Thursday that it now foresees quarterly earnings between $1.94 and $1.99 per share, up from a range of $1.91 to $1.96 per share.

Analysts surveyed by FactSet expect $1.96 per share.

Quarterly revenue climbed 7 per cent to $9.35 billion. Analysts predicted $9.29 billion.

Macy's Inc also says it will change its retirement plans to better manage rising costs.

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