Macy’s Inc., exceeded its own expectations on sales during the third quarter, boosting optimism for the holiday season and prompting the retailer to raise its 2025 guidance.

Net income was $11 million, and adjusted net income was $26 million for the third quarter ended Nov. 1 That compares to net income of $28 million and adjusted net income of $11 million in the year-ago quarter.

Adjusted earnings before interest, taxes, and depreciation and amortization (EBITDA) increased to $285 million, and core adjusted EBITDA was $273 million. That compares to adjusted EBITDA of $273 million, and core adjusted EBITDA of $207 million in the year-ago quarter. (Core adjusted EBITDA excludes additional items not considered central, or ‘core’ to the business.)

Macy’s Inc. generated Q3 net sales of $4.7

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