Macy's puts up strong third quarter numbers, raises profit outlook and top end of full-year revenue
FILE - Shoppers walk into a Macy's department store Monday, Feb. 22, 2021, at Miami International Mall in Doral, Fla. Macy's reports their earnings on Thursday, June 1, 2023. (AP Photo/Wilfredo Lee)
Macy's third-quarter sales declined as customers grow more cautious with their spending, but sales and profit both topped Wall Street expectations. The department store also raised the top end of its full-year revenue and adjusted profit forecasts.
Shares surged nearly 7%, or 88 cents, to $13.48 in mid-day trading on Thursday.
Spending by Americans has been an engine for the overall economy, but months of rising prices and higher costs of credit are starting to show. And even though inflation has eased, shoppers are still feeling stretched.
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