US-based retail group Macy’s, Inc saw its net income rise 106.7% to $62m in the third quarter of 2018. Net sales rose 2.3% to $5.4bn, while comparable sales grew 3.1% on an owned basis and 3.3% on an owned plus licensed basis.
The company says growth in sales and profit were driven by digital, improvement in brick-and-mortar stores and the execution of its North Star Strategy, which was unveiled in 2017 and aims to reduce costs and improve the customer experience.
For the first nine months of 2018, net sales came in at $16.52bn, up 1.5% year-on-year. Comparable sales grew 2.4% on an owned basis and were up 2.7% on an owned plus license basis, compared to the prior-year period. Net income came in at $368m, up 68% year-on-year.
“We continue to see an improved trend in brick and mortar across the fleet with particularly strong results from our Growth50 stores,” said Macy’s, Inc. chairman and ceo Jeff Gennette.
The group has adjusted its sales guidance for fiscal 2018 from flat to +0.7% to between +0.3% and +0.7%.