Macy's boosts annual earnings forecast

[November 14, 2018] (Reuters) - Macy's Inc <M.N> raised its annual earnings forecast ahead of the crucial holiday shopping season, as the department store chain benefits from a revamped loyalty program and a growing online business.

The Macy's logo is pictured on the side of a building in down town Los Angeles, California, U.S., March 6, 2017. REUTERS/Mike Blake/File Photo

Macy's now expects adjusted earnings of between $4.10 and $4.30 per share in fiscal year 2018, compared with an earlier forecast of $3.95 to $4.15 per share, the company said on Wednesday.

Sales from Macy's stores and third-party licensees open for more than 12 months rose 3.3 percent in the third quarter ended Nov. 3, Macy's said. The figure topped analysts' average estimate of a 2.82 percent increase, according to IBES data from Refinitiv.

(Reporting by Aishwarya Venugopal in Bengaluru)

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