Macy's Inc. has reported a decrease in its third-quarter profit compared to the previous year; however, the results exceeded Wall Street's expectations.
The company posted a net income of $28 million, translating to earnings of $0.10 per share. This is a drop from the $41 million, or $0.15 per share, recorded in the same quarter last year.
On an adjusted basis, excluding certain items, Macy's recorded earnings of $11 million, or $0.04 per share. This outperformed the predictions of analysts, who, as surveyed by Thomson Reuters, had anticipated earnings of $0.03 per share. It is standard for analysts' forecasts to exclude special items in their calculations.
The company's quarterly revenue experienced a 2.4% decline, falling to $4.742 billion from $4.860 billion reported during the same period last year.
Key Financial Highlights for Macy's Inc. (Q3 GAAP):
- Earnings: $28 million, down from $41 million last year
- EPS: $0.10, decreased from $0.15 last year
- Revenue: $4.742 billion, compared to $4.860 billion last year
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