© Reuters. FILE PHOTO: People wearing protective masks shop at Macy’s Herald Square following the outbreak of the coronavirus disease (COVID-19) in the Manhattan borough of New York City, New York, U.S., December 26, 2020. REUTERS/Jeenah Moon/File Photo

(Reuters) – Macy’s Inc (NYSE:) raised its full-year profit forecast on Thursday, helped by strong demand for apparel from consumers returning to work and social events, even as red-hot inflation saps consumer spending power for discretionary products.

The company said it expects fiscal 2022 adjusted earnings per share of $4.53 to $4.95, compared with its previous forecast of $4.13 to $4.52.

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