Macy’s Lifts Outlook in Latest Sign of Solid Demand (Correct)

Macy’s Inc. handily beat Wall Street’s forecasts in the most recent quarter and raised its guidance for the rest of the fiscal year, showing that consumers are still spending despite their economic concerns.

The retailer boosted its full-year guidance for adjusted earnings per share to as much as $2.20. In September, it had guided for that figure to be as much as $2.05.

“Our third quarter sales were the strongest in 13 quarters,” Macy’s Chief Executive Officer Tony Spring said in a statement. “As we enter the holiday season, we are well-positioned.”

Despite the outperformance, Macy’s stock declined about ...