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 Shares were set to open up 1.5 percent at $59.46.
Macy's said it expects same-store sales, excluding licensed
businesses, to grow 1.8-2.8 percent in the fourth quarter, faster
than the 1.4 percent growth a year earlier.
"... We are poised to capitalize on a return to more normalized
weather patterns after the unusually severe snowstorms in the fourth
quarter last year," Chief Executive Terry Lundgren said in a
statement on Wednesday.
Same-store sales at Macy's, which also owns the high-end
Bloomingdale's chain, has either declined or grown slower than a
year ago for 11 quarters now, except the second quarter ended Aug 2.
The company expects to benefit from the rollout of its 'Buy Online
Pickup in Store' facility at all large Macy's and Bloomingdale's
stores, same-day delivery pilot projects and upgraded mobile apps.
Macy's has been investing heavily to compete with global fashion
chains and online players such as Amazon.com Inc <AMZN.O> and
offering more online-friendly services such as in-store pickups for
online orders.
The company said net income rose to $217 million, or 61 cents per
share, in the third quarter ended Nov. 1 from $177 million, or 47
cents per share, a year earlier.
Selling, general and administrative expenses fell a little more than
4 percent, helping operating margin expand to 6.8 percent from 5.7
percent.
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Net sales fell to $6.2 billion from $6.3 billion.
Analysts on average had expected a profit of 50 cents per share on
revenue of $6.34 billion, according to Thomson Reuters I/B/E/S.
Same-store sales, excluding licensed businesses, declined 1.4
percent, compared with a growth of 1.9 percent estimated by
Consensus Metrix.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Savio
D'Souza and Joyjeet Das)
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