Macy’s Leaps on Raising Earnings Forecast

Macy’s (NYSE:M) on Thursday raised its earnings forecast for the year after the department store operator said it has fresh merchandise and is ready for the holiday shopping season.The company stood by its revenue guidance as it faces a tougher sales backdrop during the retail industry’s most crucial quarter. The updated outlook came after Macy’s reported third-quarter revenue and earnings that topped Wall Street expectations.Macy’s CEO Jeff Gennette said the company can hold the line on prices because it has fresh merchandise. That has allowed it to bring in new apparel, home goods and...