Macy's Posts Lower Quarterly Profit

Retailer Macy's Inc. (M) reported lower quarterly profit on Wednesday as sales fell.

Earnings came to $74 million, or 16 cents a share, for the second quarter ended August 4, from $317 million, or 57 cents a share, a year earlier.

The parent of Macy's and Bloomingdale's said sales fell 1.7 percent.