Macy’s reported strong Q3 results, with revenue matching last year and adjusted EPS beating expectations. Same-store sales grew 2.5%, the fastest pace in 13 quarters. The retailer expects a 3%-5% decline in Q4 sales. Macy’s stock dipped 0.4% after the news. CEO Tony Spring remains cautiously optimistic.

Macy’s unveiled its Bold New Chapter Strategy in early 2024. The company raised its annual outlook, expecting full-year same-store sales to be unchanged or up 1%. Adjusted EPS is forecasted to be between $2.00 and $2.20. Blue Mercury saw a 1.1% sales increase, while Bloomingdale’s had an 8.8% increase in same-store sales.

Spring noted that Bloomingdale’s luxury business is thriving, benefiting from a strong digital presence and appealing assortments. Same-store sales at open Macy’s stores increased 3.4% in Q3. The company plans to close 150 stores over three years, with 64 already closed. Macy’s remains optimistic about its future growth.

Read more at Yahoo Finance: Macy’s offers cautious holiday outlook as company manages turnaround story after best sales growth in 3 years