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CINCINNATI — Macy’s Inc. reported a $59 million first-quarter loss Wednesday because of lower sales and the costs of consolidation, which the company said should start paying off next year.
Losses totaled 14 cents a share in the three months ended May 3, compared with a profit of $36 million, or 8 cents a share, in the same quarter a year ago, Macy’s said. Revenue was $5.75 billion, down from $5.92 billion a year ago.
