Macy's raises annual profit forecast after new CEO's revamp plan shields from falling sales.

Macy's raises its annual profit forecast after new CEO's revamp plan helped to shield the department store chain from falling sales due to cautious consumer spending. Macy's shares were up 5% in early trading after it beat estimates for first-quarter profit. Under CEO Tony Spring, who took charge in February, Macy's has outlined a three-year investment and turnaround plan to save $100 million in costs this year by shuttering about 150 stores through 2026. The company now expects its full-year adjusted earnings in the range of $2.55 to $2.90 per share.

May 20, 2024
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