Macy’s boosts 2022 guidance while Kohl’s outlook withdrawn

By ANNE D’INNOCENZIO
AP Retail Writer
NEW YORK (AP) — Macy’s profits and sales slid in the third quarter as the department store had to step up discounts amid a pullback from shoppers stung by inflation. Yet the New York-based company, which topped Wall Street expectations, raised its earnings outlook, in part due to better credit card revenue. Shares rose more than 11% on Thursday morning. Shares of rival Kohl’s, which caters to middle-income shoppers, rose 1% after it withdrew its annual earnings outlook amid volatile macroconditions and amid a CEO transition. The department store also reported a drop in sales and profits but results beat expectations.