Department store chain Macy's Inc. reported strong third-quarter earnings helped by exclusive merchandise and promotions, a good sign ahead of the crucial holiday season.
For the three months ended Oct. 27, the Cincinnati retailer said profit was $145 million, or 36 cents a share, up 4.3% from $139 million, or 32 cents a share, in the same period a year ago. Sales rose 3.8% to $6.1 billion.
Terry J. Lundgren, Macy's chief executive, attributed the growth to the company's efforts to localize merchandise for each market and its success at integrating the in-store and online shopping experience.
"We have confidence in our ability to grow sales and earnings in the fourth quarter," Lundgren said in a statement. That's despite Superstorm Sandy, he added, which forced about 200 Macy's and Bloomingdale's stores on the East Coast to close temporarily.