(Reuters) -Macy's Inc and Kohl's Corp raised their full-year sales and profit forecasts on Thursday, as U.S. shoppers coming back to stores splurge on perfumes, shoes and apparel with vaccinations helping a return to pre-pandemic lifestyles.
Shares of Macy's rose as much as 9% in premarket trading, as the company said it would restart paying dividends paused last year due to the uncertainty of the COVID-19 pandemic.
Quarterly net sales at Macy's jumped 59% and 31.4% at Kohl's, beating analysts' average estimates.
The back-to-school shopping season, which runs from mid-July through early-September, is also expected to boost sales following a year when students were more mostly confined to home computer screens.
Macy's said it expects full-year net sales of $23.55 billion to $23.95 billion, compared with a previous forecast of $21.73 billion to $22.23 billion.
