May 11 Department store operator Macy's Inc
reported a 39 percent drop in quarterly profit, hurt by a
decline in sales and as higher inventory weighed on margins.
The company's shares dropped 7 percent in premarket trading
Net income attributable to Macy's shareholders fell to $71
million, or 23 cents per share, in the first quarter ended April
29, from $116 million, or 37 cents per share, a year earlier.
Sales at stores open at least a year, including sales in
departments licensed to third parties, fell 4.6 percent, steeper
than the 3.5 percent drop expected by analysts polled by
research firm Consensus Metrix.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by