Macy’s Stock Climbs on Surprise Profit

Macy’s (M) reported declining sales in its third quarter, but the department-store chain turned an unexpected profit as margins improved and costs came down.

Shares rose 8.8% to $13.72 in recent premarket trading. They are down 39% this year as of Wednesday’s market close.

Macy’s also gave its full-year sales guidance a small step up as it balances ongoing pressure on consumer spending with better-than-expected results in the quarter ended Oct. 28.

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