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NEW YORK (AP) — Macy’s Inc.’s fourth-quarter profit rose 11 percent, but the department store chain suffered a sales shortfall because a string of winter storms chilled business in January.
The results, released Tuesday, come on the heels of a solid but fiercely competitive holiday shopping season for the Cincinnati-based company, which also operates Bloomingdale’s stores. The chain has been a standout among its peers throughout the economic recovery as it has benefited from its moves to tailor merchandise to local markets.
But like other retailers, severe winter storms have caused Macy’s to close stores and kept shoppers at home. At one time during January, 244 Macy’s and Bloomingdale’s stores, or about 30 percent of the company’s total, were shut down because of the weather. Business remained sluggish until Valentine’s Day.