Macy’s raises outlook for the year as trends improve

NEW YORK (AP) — Macy’s is raising its sales outlook for the year after a strong showing for the department in the third quarter, a trend that it expects to continue.

The company reported earnings of $17 million, or 5 cents per share, for the quarter ended Oct. 29. That compares with $118 million, or 36 cents per share in the year-ago period. Excluding special charges, the company earned 46 cents, a nickel short of projections from analysts polled by FactSet.

Net sales slipped to $5.63 billion, down 4.2 percent, but were about in line with expectations.

Revenue at stores opened at least a year fell 3.3 percent. That marks the seventh straight quarterly decline.

Macy’s, based in Cincinnati, is trying to reinvent itself as it fends off competition, particularly online.