Macy's reports Q3 earnings of 36 cents per diluted share

Macy’s has reported a strong third quarter earnings that

underscore the company’s continued progress in implementing key business strategies to drive growth. Earnings were 36 cents per diluted share for the third quarter of 2012, ended October 27, 2012. This compares with earnings of 32 cents per diluted share in last year’s third quarter.

“We were pleased to deliver sales and earnings growth for the 11th consecutive quarter,” said Terry J. Lundgren, chairman, president and chief executive officer of Macy’s. “Our success in the third quarter reflected a combination of factors, as has been the case over the past several years. We continue to implement our My Macy’s localization, omni-channel integration and enhanced customer engagement strategies with increasing precision, passion and success. This has helped us to deepen our relationship with customers and capture market share,” Lundgren added.

“We have confidence in our ability to continue to grow sales and earnings in the fourth quarter, even taking into account a recovery from Hurricane Sandy that will cause stress to consumers and our employees in the Northeast and Mid-Atlantic regions,” Lundgren further said. Macy's is increasing its full-year 2012 earnings guidance to 3.35 dollars to 3.40 dollars per diluted share, including fourth quarter earnings guidance of 1.94 dollars to 1.99 dollars per diluted share. Previous 2012 full-year guidance (provided on August 8) was for earnings of 3.30 dollars to 3.35 dollars per share, and compares to initial guidance of 3.25 dollars to 3.30 dollars per diluted share provided at the beginning of the year.