Macy's (M) January Comps Rise 11.7%, Q4 Outlook Raised

Macy's (NYSE: M) January comps up 11.7% versus an expected 5% rise. The company also raised Q4 EPS guidance.

Given its strong January performance, the company is raising fourth quarter earnings guidance to the level previously provided in November 2012. Earnings per diluted share for the fourth quarter of 2012 is now expected in the range of $1.94 to $1.99, excluding costs associated with the previously announced debt tender offer and store closings. This compares with earnings guidance provided on Jan. 3, 2013 for fourth quarter earnings in the range of $1.91 to $1.96 per diluted share, excluding those costs. The consensus is $1.96.

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