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Macy’s Profit Tops Estimates as Localization Boosts Sales

Macy’s Inc., the second-largest U.S. department-store company, posted fiscal third-quarter profit that beat analysts’ estimates as better local selections boosted sales, signaling stronger demand headed into the holidays.

Net income in the period ended Nov. 2 rose 22 percent to $177 million, or 47 cents a share, from $145 million, or 36 cents a year earlier, Cincinnati-based Macy’s said today in a statement. The average of 19 analysts’ estimates compiled by Bloomberg was 39 cents. Revenue gained 3.3 percent to $6.28 billion, topping the $6.19 billion average projection.