© Reuters. FILE PHOTO: The R.H. Macy and Co.flagship department store is seen in midtown New York, New York, U.S. November 11, 2015. REUTERS/Brendan McDermid/File Photo
(Reuters) – Macy’s (NYSE:) posted a drop in quarterly profit on Tuesday, dragged down by heavy discounting and elevated promotion to clear spring and early summer merchandise. The department store chain logged an adjusted net income of $71 million, or 26 cents per share, in the second quarter ended July 29, from $277 million, or $1 per share, last year.
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