Pursuits
Macy’s Profit Tops Estimates Before Holiday Fight
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Macy’s Inc., the second-largest U.S. department-store chain, posted third-quarter profit that topped analysts’ estimates while its forecast for the end of the year signaled it may use heavy discounts to draw holiday shoppers.
Net income in the period ended Oct. 27 rose 4.3 percent to $145 million, or 36 cents a share, from $139 million, or 32 cents, a year earlier, Cincinnati-based Macy’s said today in a statement. The average of 16 analysts’ estimates compiled by Bloomberg was 30 cents. Profit per share in the current quarter will be $1.94 to $1.99, trailing the $2.05 average estimate.