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Macy’s Profit Beats Expectations On Stronger Sales

wochit business
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November 13, 2013 AT 5:13 AM
Macy's reported a quarterly profit that handily beat Wall Street expectations on Wednesday, with the department store chain citing stepped up advertising for a stronger sales. Its shares surged more than 7 percent in premarket trading. Macy's earned $177 million, or 47 cents per share. That compares with $145 million, or 36 cents per share, a year ago. Revenue rose 3 percent to $6.28 billion. Analysts expected earnings per share of 39 cents on revenue of $6.19 billion.