Macy’s raises annual profit outlook on strong Q1 results

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Shoppers’ return to occasion dressing helped to power Macy’s fiscal first-quarter results. The department store chain raised its annual earnings outlook even as surging inflation is crimping Americans’ budgets. The results announced Thursday was among the few bright spots in a pile of reports from retailers that showed rising costs for everything from labor to shipping. Along with other retailers, Macy’s is adjusting to quickly changing behavior as consumers return to the office and resume normal lives. They’re going out to restaurants and doing more activities while buying less stuff that focuses on the home.