Macy’s heads into holidays strongly, boosts 2022 guidance

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Macy’s reported declines in profits and sales for the fiscal third quarter as the department store faces a pullback from shoppers stung by inflation. But the results, announced on Thursday, beat Wall Street expectations.  The New York-based company raised its earnings outlook, in part due to better credit card revenue. Shares rose nearly 7% in pre-market trading. The department store chain said  it earned net income of $108 million, or 39 cents per share for the three-month period ended Oct. 29.  That compares with $239 million, or 76 cents per share for the year-ago period. Adjusted results were 52 cents per share. Sales slipped to $5.23 billion from $5.44 billion in the year-ago period.