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Macy's profit benefits from cost cuts, tops estimates


(Reuters) - Department store chain Macy's Inc reported a higher-than-expected rise in quarterly profit, as it continued to close stores and keep a tight leash on inventory in a gloomy U.S. retail industry.Shares of Macy's were up 1 percent in premarket trading on Thursday. Rival Kohl's Corp, which also reported a better-than-expected rise in profit, was down 2 percent. However, gross margins at both companies slipped as they continued to offer discounts and promotions to woo customers to their stores. Macy's gross margins fell to 40.3 percent from 40.9 percent a year earlier, while ...

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First Published: Thu, August 10 2017. 18:56 IST