Macy's Swings To Profit, Beats Estimates (M)

Macy's Inc M on Wednesday morning released financial results that beat Wall Street expectations. Macy's Inc reported 3rd quarter net income of $10 million, or 2 cents per share, compared to a net loss of $35 million, or 8 cents per share, a year earlier. Excluding special items, the company earned 8 cents per share. Revenue rose 6.6$ to $5.62 billion, up from $5.28 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 3 cents per share, on revenue of $5.55 billion. Chairman, president and chief executive officer Terry J. Lundgren said, “Throughout 2010, we have gained confidence and momentum as customers have responded favorably to our execution of key strategies developed and activated over the past few years. This bodes well for our business as we enter the holiday selling season with a differentiated and tailored merchandise offering, compelling marketing, and an energized organization of store associates focused on engaging customers. We are proud of the results we have generated as My Macy's has firmly taken root, creating a leading nationwide brand with a local focus in each market. Simultaneously, Bloomingdale's has aggressively capitalized on the return of the upscale customer and has reinforced its reputation for extraordinary contemporary fashion and service. Both brands remain in the early stages of benefitting from an enhanced omnichannel approach that integrates the offerings of Macy's and Bloomingdale's stores, online sites, mobile technology and social media. Macy's Inc (M) ended the previous trading session at $25.22 per share. Analysts covering the company's stock have a consensus price target of $28.00 per share. Read more from Benzinga's Company news.