Source AP ©

Macy's profit for 3rd-quarter rises

Macy's Inc. swung to a profit of $33 million (€22.45 million) in the third quarter unlike to a slim loss a year ago.

Earnings adjusted for one-time costs were at the high end of the company's forecasts, and its shares rose almost 3 percent in premarket trading.

Net income for the quarter ended Nov. 3 amounted to 8 cents per share versus a year-ago loss of $3 million, or a penny per share.

Revenue was flat at $5.91 billion (€4.02 billion), as previously reported.

Excluding one-time acquisition integration costs, the company said it earned 10 cents per share.

Macy's had predicted earnings of 5 cents to 10 cents per share, excluding one-time costs.

Analysts polled by Thomson Financial expected earnings of 7 cents per share on revenue of $5.91 billion (€4.02 billion). The estimates typically exclude one-time items.

Same-store sales fell 0.8 percent. Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance.

Macy's expects net income, excluding one-time costs, will be $1.70 to $1.80 per share in the fourth quarter on revenue of $8.7 billion (€5.92 billion) to $8.9 billion (€6.05 billion), while analysts expect $1.74 per share on revenue of $8.91 billion (€6.06 billion).

Fourth-quarter same-store sales are expected to range from down 2 percent to up 1 percent during the quarter.

For fiscal 2007, the company predicts revenue of $26.4 billion (€17.96 billion) to $26.6 billion (€18.1 billion) with same-store sales falling by between 0.3 percent and 1.3 percent. Analysts expect revenue of $26.65 billion (€18.13 billion).

Macy's shares rose 85 cents, or 2.8 percent, to $31.50 in premarket trading after closing at $30.65 on Tuesday.

Comments
How can Americans and Russians understand each other?
Turkey desperately tries to rescue its national currency as it falls to all-time lows
Russia builds new robotic tank invulnerable to mines
Russia builds new robotic tank invulnerable to mines
Russia builds new robotic tank invulnerable to mines
US-Russian confrontation: War is peace, freedom is slavery
Turkey desperately tries to rescue its national currency as it falls to all-time lows
How can Americans and Russians understand each other?
Russian government prepares to get rid of US dollar in economy
US-Russian confrontation: War is peace, freedom is slavery
Russians tired of Putin's foreign policy
US-Russian confrontation: War is peace, freedom is slavery
Teen member of satanic sect destroys unique wooden church built in 1774
Russia could abolish state pensions
Russia could abolish state pensions
Russia could abolish state pensions
Russian government prepares to get rid of US dollar in economy
Benjamin Netanyahu’s nightmare comes true as Putin crushes his plans
Benjamin Netanyahu’s nightmare comes true as Putin crushes his plans
Benjamin Netanyahu’s nightmare comes true as Putin crushes his plans
How can Americans and Russians understand each other?