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Macy’s quarterly profit tops estimates

Macy’s is tailoring merchandise to local tastes and offering exclusive goods, such as Keds apparel, to younger customers.

Brendan McDermid/Reuters/File 2013

Macy’s is tailoring merchandise to local tastes and offering exclusive goods, such as Keds apparel, to younger customers.

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Quarterly profit at Macy’s, the second-largest department store chain, beat the estimates, coming in 20 percent higher than a year earlier at $217 million, or 55 cents a share. Macy’s also increased the size of its share-buyback program by $1.5 billion. That means Macy’s had $2.6 billion authorized for share repurchases as of May 4. The company also raised its quarterly dividend by 25 percent, to 25 cents a share.

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