Tausi Insider

A Macy's store in the Downtown Crossing district, in Boston, on Nov. 17, 2021. Charles Krupa/The Associated Press Upscale U.S. retail chain Macy’s Inc M-N raised its annual profit forecast on Thursday on resilient demand for high-end clothes and beauty products, while the inflation squeeze on lower-income shoppers forced rival Kohl’s Corp KSS-N to scrap its forecast. Luxury goods sales have held up for Macy’s as affluent shoppers returning to social events after the pandemic splurge on pricier handbags, perfumes, clothing and gifts heading into the holiday season. But Kohl’s withdrew its annual forecasts, as the company, which caters more to lower-income customers and stocks fewer luxury goods, reeled from weakening demand due to rising prices. “The Kohl’s customer is being hit by inflation a lot more than Macy’s,” said Jane Hali & Associates analyst Jessica Ramirez. “Shoppers are also now traveling and returning to offices, and Macy’s has a better collection of those product...

People shop for Black Friday deals in Pico Rivera, Calif., on Nov. 25. FREDERIC J. BROWN/AFP/Getty Images Cautious shoppers hunted for the best deals at stores and online as retailers offered new Black Friday discounts to entice consumers eager to start buying holiday gifts but weighed down by inflation. Due to elevated prices for food, rent, gasoline and other essentials, many people were being more selective, reluctant to spend unless there was a big sale. Some were dipping more into savings, turning to “buy now, pay later” services that allow payment in installments, or running up their credit cards at a time when the Federal Reserve is hiking rates to cool the U.S. economy. Sheila Diggs, 55, went to a Walmart in Mount Airy, Maryland early Friday looking for a deal on a coffee maker. To save money this year, she said the adults in her family are drawing names and selecting one person to shop for. “Everything’s going up but your paycheck,” said Diggs, who manages medical records at...