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Reuters
Macy’s earnings: Company lifts profit forecast on strong luxury demand
Luxury goods sales have held up relatively well for Macy’s as higher-income shoppers, eager to get back to social events after the pandemic, splurge their savings on pricier handbags, perfumes and clothing. Rival Kohl’s Corp, however, withdrew its 2022 sales and profit forecasts, as the company, which caters to more lower-income customers and stocks fewer luxury goods, took a hit from weakening demand due to rising prices. Shares of Macy’s rose 8% in premarket trading, while Kohl’s shares fell 4%, with the company also blaming the sudden departure of top boss Michelle Gass as a reason for pulling the forecasts.
