Macy's, Inc. (NYSE: M) was out with third-quarter financial figures before Wednesday’s opening bell.
The retail giant reported revenues of $5.4 billion in the quarter, slightly better than the $5.2 billion figure in the prior-year quarter. Net income improved to $83 million from $65 million in the prior-year quarter.
EBITDA was $407 million from $423 in the prior-year quarter.
Said CEO Jeff Gennette, "Another double-digit quarter from our digital business and a strong stores performance combined to help us exceed expectations. We continue to see an improved trend in brick and mortar across the fleet with particularly strong results from our Growth50 stores."
Gennette adds a further optimistic note, "The holiday season is when Macy’s truly shines. We have the right merchandise, the right marketing and the right customer experiences in place to deliver a strong fourth quarter."
Asset sale gains for the third quarter of 2018 totaled $42 million pre-tax, or $31 million after-tax and $0.10 per diluted share attributable to Macy’s, Inc. This compares to the third quarter of 2017 when asset sale gains totaled $65 million pre-tax, or $40 million after-tax and $0.13 per diluted share attributable to Macy’s, Inc.
With fiscal 2017 sales of $24.837 billion and approximately 130,000 employees, the company operates approximately 690 department stores under the nameplates Macy’s and Bloomingdale’s, and more than 180 specialty stores
The retail giant’s stock hurtled higher 92 cents, or 2.6%, to $36.71 mid-morning Wednesday, within a 52-week trading range of $19.09 to $41.99.
