Macy's, Inc.

Macy's profit falls nearly 13 percent as sales drop

Macy's, the nation's largest department store chain, says its earnings for the quarter that includes the holiday period dropped nearly 13 percent as results were dragged down by lower sales, store closures and other costs.

The profit results beat Wall Street expectations, but Macy's said it would post another year of sales declines for a key revenue measure. The latest quarter marks the eighth straight period of sales declines for the critical metric. Like many department stores, Macy's has faced sluggish sales as customers buy more online and less at the malls where they are often an anchor. Macy's has been shuttering stores as it tries to regroup.

Macy's has also been...

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