Macy's has been catering to local customers in a way that had been lacking since the chain ditched its numerous regional nameplates such as Marshall Field's and Hecht's. That means focusing on tailoring merchandise to local markets, like offering more business suits in Washington, D.C.
The company has also been doing well with its exclusive brands including Material Girl, a teen brand that is a collaboration with Madonna's teenage daughter Lola.
Analysts also say that Macy's is benefiting from the troubles at rival J.C. Penney, which implemented on Feb. 1 a new pricing plan that hasn't yet resonated with shoppers. The plan involves dumping hundreds of sales events in favor of every day lower pricing. Penney is expected to report its third consecutive quarter of losses and slumping sales on Friday when it reports its third-quarter results.
Hoguet didn't comment Wednesday on how Penney's troubles were affecting its business.
Macy's Inc. earned $145 million, or 36 cents per share, for the three-month period ended Oct. 27. That compares with $139 million, or 32 cents per share, in the year-ago period.
Revenue rose 3.7 percent to $6.07 billion. Revenue at stores open at least a year rose 3.7 percent and is considered a key indicator of a retailer's health.
Analysts polled by FactSet had expected 29 cents per share on revenue of $6.07 billion.
Macy's said it expects to post earnings for the full year of $3.35 to $3.40 per share. This is the second time Macy's has raised its profit guidance. In August, it had upgraded its earnings projections to $3.30 to 3.35, from an earlier projection of $3.25 per share to $3.30 per share.
Analysts expected $3.39 per share for the year.
For the fourth quarter, Macy's said it expects to earn anywhere from $1.94 to $1.99 per share. Analysts expected $2.05 per share.
Macy's said last week that revenue at stores open at least a year should rise 4 percent in the second half of the year, up slightly from prior guidance of a 3.7 percent increase. It expects the figure to climb 4.2 percent in the fourth quarter.
Shares fell 93 cents, or 2.3 percent, to close at $40.45 Wednesday. They are near their 52-week high of $42.17 set in early May.
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