Macy's lifts 4Q outlook on strong January sales
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.