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Macy's Smashes Q3 Earnings Forecast, Boosts 2018 Outlook Ahead of Black Friday

Martin Baccardax

posted much stronger-than-expected third-quarter earnings Wednesday, and boosted its full-year profit guidance, as same-store sales growth numbers continued to point to a robust holiday shopping season for the iconic U.S. retailer. Macy's said adjusted earnings for the three months ended on Nov. 3, came in at 27 cents a share, up 17% from the same period last year and well ahead of the Street consensus of 14 cents per share. Comparable store sales rose 3.3% on an owned-plus licensed basis, Macy's said, adding it now sees full-year sales to rising between 0.3% and 0.7% and tacked 15 cents to its prior earnings estimate of $3.95 to $4.15 a share.