GAAP net income grew 71% year-over-year to $77 million, or $1.12 per share. Adjusted net income rose 70% to $83 million, or $1.21 per share.
For the full year of 2018, total sales are expected to increase in the range of 10.9% to 11.2%, excluding the 53rd week impact in 2017. This guidance assumes an increase of 2-3% in shifted comparable store sales for the fourth quarter of 2018, resulting in a full-year shifted comparable store sales increase of 3.4% to 3.7%.
Macy’s Q3 profit jumps 107%, beats estimates
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Adjusted EPS for 2018 is now expected to be $6.33 to $6.37 versus the previous outlook of $6.13 to $6.20. Adjusted EPS, excluding the impact of the tax reform, the accounting for share-based compensation and the revaluation of deferred tax liabilities, is expected to grow 21-22% and come in a range of $5.01 to $5.05.
For the fourth quarter of 2018, total sales are expected to grow 8% to 9% while shifted comparable sales are expected to grow 2% to 3%. Adjusted EPS is expected to come in a range of $2.71 to $2.75.