Macy's Q3 sales up 3.5 percent

REPORT_ Macy's has reported that its third quarter earnings per share rose by 31 percent to 47 cents

in the third quarter of 2013 ended November 2, 2013. This compares with 36 cents per share in last year's third quarter. Sales in the third quarter of 2013 totaled 6.276 billion dollars, up 3.3 percent from total sales of 6.075 billion dollars in the third quarter of 2012. On a comparable sales basis, Macy's third quarter sales were up 3.5 percent in 2013 over 2012. Together with sales from departments licensed to third parties, third quarter 2013 sales on a comparable basis were up 4.6 percent.

"We were able to achieve a very successful third quarter of 2013, despite the tepid economic climate. This was our 15th consecutive quarter of improved earnings per share. Comparable sales rose by 3.5 percent in the quarter and, together with sales from departments licensed to third parties, were up 4.6 percent. Our improved sales performance resulted from continued success in the execution of our key strategies,” said Terry J. Lundgren, Chairman, President and Chief Executive Officer of Macy's.

For the first three quarters of 2013, Cincinnati-based Macy's diluted earnings per share were 1.74 dollars, an increase of 20 percent compared with earnings of 1.45 dollars per diluted share in the first three quarters of 2012. For the year to date, Macy's sales were up 2.1 percent. On a comparable sales basis, its year-to-date sales were up 2.2 percent in 2013 over 2012. Together with sales from departments licensed to third parties, year-to-date 2013 sales on a comparable basis were up 3.1 percent.

The company reiterated its guidance provided in August 2013. Comparable sales are expected to increase in the range of 2.5 percent to 4 percent in the second half of 2013, and in the range of 2 percent to 2.9 percent for the full-year-2013. Earnings for fiscal 2013 are expected in the range of 3.80 dollars to 3.90 dollars per diluted share.