Macy’s gains on new forecast
Macy’s Inc. raised its same-store sales growth forecast for the second half of the year as the retailer’s preliminary third-quarter sales beat forecasts. “Business was strong in October, and we delivered a solid performance in the third quarter,” chairman and CEO Terry J. Lundgren said. The company said it now expects same-store sales will improve about 4 percent in the second half, compared with an earlier estimate of 3.7 percent. The company said more than 200 Macy’s and Bloomingdale’s stores were closed for various periods during Hurricane Sandy, but expects to make up some or most of the lost sales during the fourth quarter.