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Macy’s second quarter figures a relief after torrid prequel

After a torrid opening quarter, Macy’s second quarter figures come as a relief. Certainly, a same-store sales decline of 2.8 per cent is far from good, but it is one of the better performances Macy’s has turned in over recent periods. Of course, the question is whether this gentler decline represents a genuine turning point for Macy’s, or whether it is simply a bottoming out after years of sharp deterioration. One of the factors that has benefitted comparable sales is the progr