Investing.com — Macy’s has lifted its adjusted earnings per share forecast for the full year to a range of $2.55 to $2.90, compared to Bloomberg consensus estimates for a forecast of $2.62, sending shares higher in premarket U.S. trading on Tuesday.

The department store chain has been the focus of a take-private bid from Arkhouse Management and Brigade Capital that values the company, which has been hit by fierce competition from cheaper rivals and online offerings, at $6.58 billion.

In February, Macy’s (NYSE:) unveiled a turnaround plan that included the shuttering of around 150 stores through 2026. The firm said the push would save around $100 million in expenses this year.

Chief Executive Tony Spring said in a statement that the company has been executing this overhaul drive with “discipline and efficiency.”

“Although early days, our investments in product, presentation and experience are gaining traction and reinforce our belief that longer-term, Macy’s, Inc. can return to sustainable, profitable growth,” Spring said.

Net sales in the retailer’s first quarter dropped by 3.7% versus the year ago period to $4.8 billion. Analysts had called for a top-line figure of $4.81 billion.

Diluted earnings per share slipped to $0.22 from $0.56 a year ago, while gross margin of 39.2% was also below estimates of $39.6%.