Macy's Cuts Full-year Outlook After Third-quarter Sales Miss

Macy's Inc. cut its full-year outlook on Wednesday after its third-quarter sales missed expectations, although earnings beat. Third-quarter net income rose to $217 million, or 61 cents a share, from $177 million, or 47 cents, a year earlier. That was above the 50-cent FactSet consensus estimate. Sales fell to $6.2 billion from $6.28 billion. That was below the $6.34 billion consensus estimate. Comparable sales fell unexpectedly by 0.7%. Macy's cut its full-year per-share profit forecast to a range between $4.25 and $4.35 from $4.40 to $4.50. It sees comparable sales rising as much as 1.5%, down from a prior guidance of a sales gain of as much as 2.5%. It forecast fourth-quarter comparable sales to rise 2% to 3%. Macy's shares, however, were up 1.9% in premarket trade.