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Macy's 3Q net income rises

Nov. 08, 2012 @ 12:09 AM

NEW YORK -- Macy's Inc. sent out a mixed message: It raised its annual profit guidance but told investors Wednesday that Superstorm Sandy would temper the start of the holiday season.

The department store chain's fourth-quarter profit forecast was below analysts' expectations and noted that this month's business would be negatively impacted by Sandy. That puts more pressure on December and January to achieve its sales goals.

The guidance came as Macy's posted a 4.3 percent increase in third-quarter net income, helped by its efforts to tailor merchandise to local markets and bring in trendy exclusive brands.

"Were it not for Hurricane Sandy, we would be even more optimistic about the fourth quarter than what you're hearing today," Karen Hoguet, Macy's chief financial officer told investors during a call. The company closed the book on the third quarter two days before Sandy steamed through the densely populated Mid-Atlantic and Northeast regions.

As a result of Sandy, Macy's extended a sale for customers living in the hard-hit region and was issuing a coupons on home goods for those who've experienced damaged to their homes.

Coal jobs returning to Pike County, Ky.

PIKEVILLE, Ky. -- An eastern Kentucky official says nearly 150 coal jobs are returning to the area.

Pike County Judge-Executive Wayne T. Rutherford said in a statement on Tuesday that two different coal mines are bringing a total of about 150 miners back to work. He cited new orders for coal as the reason the companies are bringing back workers.

Rutherford said he hopes the move helps "boost our local economy" and is a sign that the trend of cutting jobs in the industry is over.

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