Macy's raised its annual profit forecast on Tuesday, signaling that efforts to reduce costs by closing underperforming stores and trimming jobs were starting to pay off. Shares of the company were up 3% before the bell after it also beat first-quarter profit estimates. Macy's in February decided to shutter about 150 stores through 2026 as part of a new plan, which is expected to help save $100 million in costs this year.