Confirming no material impact on its financial results after completion of delivery expense related investigation, Macy’s reported GAAP diluted earnings per share of 10 cents and adjusted diluted earnings per share of 4 cents for the third quarter.

Macy’s now projects full year net sales to be in the range of 22.3 billion dollars to 22.5 billion dollars with comparable owned plus licensed plus marketplace sales down 1 percent to flat and adjusted diluted earnings per share between 2.25 dollars to 2.50 dollars compared with prior expectation of 2.34 dollars to 2.69 dollars.

“We are encouraged by the consistent sales growth in our Macy's First 50 locations and the strong performance of Bloomingdale's and Bluemercury. Quarter-to-date, comparable sales continue to trend ahead of third quarter levels across the portfolio,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc.

Review of Macy’s third quarter performance

Macy’s, Inc. net sales decreased 2.4 percent to 4.7 billion dollars, with comparable sales down 2.4 percent on an owned basis and down 1.3 percent on an owned-plus-licensed-plus-marketplace basis. Macy’s go-forward business comparable sales were down 2 percent on an owned basis and down 0.9 percent on an owned-plus-licensed-plus-marketplace basis.

By nameplate Macy’s net sales were down 3.1 percent, with comparable sales down 3 percent on an owned basis and down 2.2 percent on an owned-plus-licensed-plus-marketplace basis. Macy’s First 50 locations delivered a third consecutive quarter of comparable sales growth, up 1.9 percent.

The company said in a statement that fragrances, dresses and men’s and women’s active apparel were strong. Macy’s go-forward business comparable sales were down 2.6 percent on an owned basis and down 1.8 percent on an owned-plus-licensed-plus-marketplace basis.

Macy's Inc nameplates deliver sales growth

Bloomingdale’s net sales were up 1.4 percent, with comparable sales up 1 percent on an owned basis and up 3.2 percent on an owned-plus-licensed-plus-marketplace basis. The company added that key drivers included strength in contemporary apparel, beauty and digital.

Bluemercury net sales were up 3.2 percent and comparable sales were up 3.3 percent on an owned basis. Other revenue of 161 million dollars decreased 17 million dollars or 9.6 percent.

Gross margin rate of 39.6 percent decreased 60 basis points. GAAP diluted earnings per share was 10 cents and adjusted diluted EPS was 4 cents.