Macy’s Profit Jumped Last Quarter Despite Slow Sales
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Macy’s Inc., the largest U.S. department-store chain, posted a 23 percent gain in net income last quarter after the company cut expenses, helping it weather disappointing sales.
Net income rose to $217 million, or 61 cents a share, from $177 million, or 47 cents, a year earlier, the company said today in a statement. Selling, general and administrative expenses shrank to about $2 billion in the period, which ended Nov. 1, compared with $2.1 billion a year earlier.