Macy's Reports Strong Sales Growth, Raises Guidance

By Suzanne Kapner

Macy's Inc. delivered healthy sales growth in its latest quarter and raised its guidance for the year, positioning the retailer for a strong holiday shopping season.

Same-stores sales grew 3.1% in the three months to Nov. 3. Including licensed departments the figure increased 3.3%.

Total sales grew 2.3% to $5.4 billion. Net income more than doubled to $62 million from $30 million a year earlier.

The company raised its sales and earnings guidance for the year.

"We continue to see an improved trend in brick and mortar across the fleet with particularly strong results from our Growth 50 stores," said Jeff Gennette, Macy's chief executive.

The company has been investing in a group of stores it calls magnets, adding new lighting, fixtures, a better assortment of merchandising and technological innovations, while shrinking other less-promising locations.

Write to Suzanne Kapner at Suzanne.Kapner@wsj.com

(END) Dow Jones Newswires

November 14, 2018 08:50 ET (13:50 GMT)

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