Profit at Macy's Rose 22%, Topping Analyst Forecasts Macy's is seeing signs that the holiday shopping season will be strong. The department store chain reported on Wednesday a quarterly profit that handily beat Wall Street expectations, with the company citing revamped advertising and promotions for helping reverse a slip in sales in the previous quarter. Macy's chief financial officer, Karen M. Hoguet, said on a conference call with analysts and investors that traditional gift categories like fine jewelry, cashmere and housewares were selling well. She also noted positive trends for cold weather items like coats, boots and sweaters. "We expect a heightened sense of urgency among customers, so it's important that we be ready for her every day, every time, in every way she shops," Ms. Hoguet said. Retailers are also facing continuing concerns about shoppers" willingness to spend in the weak economy. Macy's, for example, has stepped up promotions, which led to a slide in gross profit margins in the quarter. Macy's, which also operates the Bloomingdale's chain, is the first of the major retailers to report third-quarter results and is often seen as a barometer of spending among middle- to upper-income shoppers. For the fiscal third quarter that ended Nov. 2, Macy's reported its net income rose 22 percent, to $177 million, or 47 cents a share, from $145 million, or 36 cents a share, a year earlier. Revenue rose 3 percent, to $6.28 billion. Analysts had expected earnings of 39 cents a share on revenue of $6.19 billion. Revenue at stores open at least a year, a crucial retailing measure, was up 3.5 percent. Analysts had expected a 2.1 percent increase. Earnings for the year are expected to be $3.80 to $3.90 a share, above Wall Street's expectations of $3.78 a share.