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

flag 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. flag Macy's shares were up 5% in early trading after it beat estimates for first-quarter profit. flag 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. flag The company now expects its full-year adjusted earnings in the range of $2.55 to $2.90 per share.

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