Macy's Inc (NYSE:M) reported a 23 percent rise in third-quarter profit as lower costs boosted its margins.
The company said net income rose to $217 million, or 61 cents per share, in the quarter ended Nov. 1 from $177 million, or 47 cents per share, a year earlier. [ID:nBwc65CCYa]
Selling, general and administrative expenses fell a little more than 4 percent in the quarter, helping operating margin rise to 6.8 percent from 5.7 percent a year earlier.
Macy's, which also owns the high-end Bloomingdale's chain, said net sales fell to $6.2 billion from $6.3 billion.
Same-store sales, excluding licensed businesses, shrank 1.4 percent.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Savio D'Souza) ((firstname.lastname@example.org; Within U.S.+1 646 223 8780, outside U.S. +91 80 6749 1130; Reuters Messaging: email@example.com))