<span>STORY: Macy’s appears cautious about this holiday season, even after surprising Wall Street with third-quarter profits.</span><span>The department store chain warned on Wednesday that shoppers are becoming more selective as inflation weighs on spending on non-essential items.</span><span>CEO Tony Spring said consumers are “being conscious about how and where they spend their dollars.”</span><span>He said he was “delighted” that Macy’s had started the holiday quarter, but was cautious about the retailer’s expectations.</span><span>These comments mark the first from a retailer following the discount-heavy Black Friday and Cyber Monday shopping period, driven by strong online sales, especially from wealthy shoppers.</span><span>Looking ahead, Macy’s raised its full-year sales and profit outlook, helped by demand for its upscale Bloomingdale’s label and luxury beauty chain Bluemercury.</span><span>The company continues to invest in store renovations and smaller formats as part of its turnaround plan.</span>
