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Macy’s Disappoints With High Costs for Its Return to Growth

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Macy’s Inc. has some momentum, but investors are spooked by the cost of maintaining it. Although the department-store chain posted same-store sales that beat estimates and boosted its earnings and sales guidance, the stock tumbled as much as 7.2 percent—a sign that retailers still face deep pessimism on Wall Street. Macy’s has been spending to…

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