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Briefly

Macy’s charges into the season

NEW YORK (AP) — Macy’s is heading into the crucial holiday season firing on all cylinders, logging its fourth consecutive quarter of sales growth at existing locations and getting strong reactions from customers both online and in its stores.

The company also lifted its expectations for annual earnings on Wednesday.

Department stores like Macy’s are under intense pressure to reinvent themselves with so many shoppers migrating online or just spending money elsewhere, choosing to be pampered at a spa or traveling.

Fortunately, Macy’s and other retailers are doing so in the midst of a strong job market and robust economy, giving them more breathing room with shoppers feeling confident about splurging once in a while.

Macy’s Inc. reported third-quarter profits of $62 million, or 20 cents per share. Per-share earnings adjusted for one-time gains and losses were 27 cents, or 13 cents better than industry analyst expected, according to a survey by Zacks Investment Research.

The Cincinnati chain’s revenue of $5.4 billion also beat expectations.

Sales at stores opened at least a year rose 3.3 percent, its fourth straight quarter of gains after a three-year slump. The figure included sales from its licensed departments.

Macy’s now expects annual profits to increase from $3.95 and $4.15 per share, to between $4.10 and $4.30.

Macy’s kicked off the earnings season for department stores. J.C. Penney and Nordstrom report quarterly results today, while Kohl’s posts early next week.

Amid a broad market sell-off, Macy’s shares fell $1.20, to $34.59, in midday trading.

Uber loss grows in third quarter

NEW YORK (AP) — Uber’s net loss widened by $177 million in the third quarter as the ride-hailing giant continued to invest ahead of a planned public stock offering next year.

The San Francisco company lost just over $1 billion from July through September, compared with an $891 million loss in the second quarter. But Uber’s ridership and revenue continued to grow, albeit slower than in previous quarters.

Revenue rose 5.4 percent from the second quarter to $2.95 billion, while gross bookings were up 6 percent to $12.7 billion.

Chief Financial Officer Nelson Chai says the company is investing in growing businesses that include food and freight delivery and electric bikes and scooters. He says the company also is investing in India and the Middle East.

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