Macy's raises annual profit outlook on strong Q1 results

NEW YORK (AP) — Shoppers' return to occasion dressing helped to power Macy's fiscal first-quarter results, and the department store chain raised its annual earnings outlook even as surging inflation is crimping Americans' budgets.

The results announced Thursday were among the few bright spots in a pile of reports from retailers that showed the impact of rising costs for everything from labor to shipping...