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Bloomberg
Macy’s Inc raised its profit forecast as US consumers keep spending despite the highest inflation in four decades. The shares rose in early trading.
Earnings excluding some items are now seen in the range of $4.53 to $4.95 this year, up from a prior forecast of $4.13 to $4.52, the department-store chain said as it reported first-quarter results. Analysts were looking for $4.36, on average.
Macy’s reaffirmed its forecast for yearly sales of $24.5 billion to $24.7 billion.
“We saw a notable shift back to occasion-based apparel and in-store shopping, as well as continued strength in sales of luxury goods,†Chief Executive Officer Jeffrey Gennette said. Profit excluding some items blew past estimates in the three months ended on April 30.