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AP National Business

Macy’s stocks its shelves and swings to third quarter profit

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KMIZ

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Published 6:55 AM

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Macy’s swung to a profit in the third quarter and sales surged 36% as shoppers begin to buy dresses, luggage and other goods that fell to the bottom of the shopping list last year when the pandemic struck. Macy’s joins a slew of other retailers posting strong sales as they overcome surging costs and snarled supply chains ahead of the holiday shopping season. The department earned $239 million, or 76 cents per share, for the three-month period ended Oct. 30.  Adjusted earnings was  $1.23 per share, easily topping Wall Street per-share projections of 31 cents. The company lost $91 million last year during the same period. 

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