Revenue rose 3.3% in the third quarter
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Shares of department-store retailer Macy's soared almost 10% Wednesday after the company posted third-quarter profits that beat Wall Street expectations by a wide margin and made upbeat comments about the upcoming holiday shopping season. Macy's reported earnings of 47 cents per share, a 31% jump from a year ago, topping analysts' estimate of 39 cents. It was Macy's 15th straight quarter of improved earnings per share, the company said. The retailer also beat on the top line, reporting revenue of $6.28 billion, up 3.3% from a year ago and better than the $6.19 billion expected by Wall Street. On a comparable sales basis, Macy's third-quarter sales were up 3.5%.
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