UPDATE: Macy's Posts Higher Q3 Profit

Macy's (NYSE: M) reported a rise in its third-quarter profit.

Macy's quarterly profit surged to $177 million, or $0.47 per share, versus a year-ago profit of $145 million, or $0.36 per share.

Its sales climbed 3.3% to $6.28 billion. However, analysts were expecting a profit of $0.39 per share on sales of $6.18 billion.

Its same-store sales increased 3.5%, beating analysts' expectations for a 2.1% rise.

Macy's shares gained 7.17% to $49.65 in pre-market trading.