(Reuters) – Macy’s Inc raised its full-year profit forecast on Wednesday and reported better-than-expected quarterly and same-store sales, helped by strong international tourism spending, a new loyalty program and a greater assortment of products offered in stores.
The U.S. department store chain also issued comparable sales growth guidance that topped estimates, boosting its shares 10 percent to $32.92 by midday.
“Tax cuts, bonuses and good tax refunds have all been a windfall to consumers who have responded by increasing spending,” said Neil Saunders, managing director of GlobalData Retail. “This rising tide has floated most retail boats, Macy’s among them.”
Like its peers, the Cincinnati, Ohio-based department store…