CINCINNATI (AP) — Macy's is raising its fourth-quarter adjusted earnings forecast due to its strong performance in January. The department store chain is also planning to freeze its pension and executive retirement plans in an effort to better manage rising costs.
Its stock gained more than 2 percent in Thursday morning trading.
Macy's Inc., which runs Bloomingdale's and its namesake stores, said revenue at stores open at least a year, a key gauge of a retailer's performance, rose 11.7 percent in January. This handily topped the 6.4 percent increase analysts polled by Thomson Reuters expected.
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