Arnold Aronson, managing director of retail strategies at consulting firm Kurt Salmon, says, "Mathematics don't lie. Macy's certainly has to be picking up some share from Penney."
Meanwhile, Macy's said Wednesday that it will take a planned break in the multi-year remodeling of its Herald Square store renovations so as not to interrupt holiday shopping. The company expects to reopen all first and second floor selling space within the next 90 days, including what it describes as the largest women's shoe department.
Macy's said that it now expects earnings per share for the full year to be in the range of $3.30 to $3.35. That's an increase from its previous guidance of $3.25 to $3.30. The company, however, still believes that revenue at stores opened at least a year will rise about 3.7 percent for the year. Analysts expected earnings of $3.36 for the year.
Its shares rose $1.01, or 2.7 percent, to close at $38.01 Wednesday. They are approaching their 52-week high of $42.17 set May 2. They traded as low as $22.66 last August.
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