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.
Macy's shares gained Tuesday after the retailer reported first-quarter earnings that indicated its turnaround plan involving 150 store closures appears to be working.
U.S. stocks are holding relatively steady near their record levels as Wall Street appears to be headed for another quiet day. The S&P 500 was down 0.1% early Tuesday. The
Macy s Reports Another Drop in Sales but Sees Traction in Turnaround biztoc.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from biztoc.com Daily Mail and Mail on Sunday newspapers.
Macy’s sales and profits fell during the first quarter as higher costs and other financial challenges had customers pulling back on spending. The results, announced Tuesday, beat Wall Street expectations.