Macy’s Raises Profit Outlook as Demand for High Fashion Picks Up

Macy’s Raises Profit Outlook as Demand for High Fashion Picks Up
People wearing protective masks shop at Macy's Herald Square following the COVID-19 outbreak in the Manhattan borough of New York on Dec. 26, 2020. Jeenah Moon/Reuters
Reuters
Updated:

Macy’s Inc. raised its annual profit forecast on Thursday, helped by strong demand for high-margin apparel from consumers returning to weddings and other social events, even as red-hot inflation saps consumer spending power.

Macy’s joined rival Nordstrom Inc. in bucking a trend of profit warnings from major retailers who are seeing consumers prioritize spending on household essentials.