Macy’s raises annual forecasts as luxury focus draws affluent shoppers - BNN Bloomberg

Macy’s raised its annual forecasts and posted its first quarterly sales growth in nearly four years on Wednesday, driven by strong demand for high-end apparel and accessories, particularly at its Bloomingdale’s stores. The results from the department-store operator underlined the K-shaped recovery in U.S. consumer spending, with higher-income shoppers continuing to splurge on discretionary and luxury goods while lower-income households pull back amid rising economic uncertainty. “The Macy’s Inc customer, who is predominantly middle to upper income, remained resilient in the first quarter,” C…