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Macy's profit beats Wall Street expectations

NEW YORK (AP) -- Macy's reported a fourth-quarter profit that beat Wall Street expectations as its strategy of tailoring merchandise to local markets paid off during the holiday season.

The department store chain, which also operates Bloomingdale's stores, says it earned $730 million, or $1.83 per share, for the period ended Feb. 2. That compares with $745 million, or $1.74 per share, a year earlier, when the company had more outstanding shares.

Not including one-items such as expenses associated with the early retirement of debt, it earned $2.05 per share. Revenue was $9.35 billion, up from $8.72 billion a year ago.

Analysts expected a profit of $1.99 per share on revenue of $9.35 billion.

Looking ahead, the company said it expects revenue at stores open a year to rise 3.5 percent in 2013.

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