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Macy's misses 3Q profit forecasts

CINCINNATI – CINCINNATI (AP) _ Macy’s Inc. (M) on Thursday reported fiscal third-quarter net income of $17 million.

The Cincinnati-based company said it had net income of 5 cents per share. Earnings, adjusted for non-recurring costs, came to 17 cents per share.

The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.

The department store operator posted revenue of $5.63 billion in the period, which met Street forecasts.

Macy’s expects full-year earnings in the range of $3.15 to $3.40 per share.

Macy’s shares have increased almost 10 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed roughly 6 per cent. The stock has fallen 17 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on M at https://www.zacks.com/ap/M

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Keywords: Macy’s, Earnings Report, Priority Earnings