Macy's posts smaller 3rd-quarter loss

NEW YORK

Macy's Inc. is reporting a smaller loss in its third quarter from a year ago as the department store operator benefits from tight inventory controls and a move to localize merchandise to regional markets.

The department store operator says some of its best-performing districts in the quarter were the original test beds for the locally tailored merchandise.

The company says Wednesday that it lost $35 million, or 8 cents per share, in the quarter ended Oct. 31. That compares with $44 million, or 10 cents per share, in last year's quarter.

Macy's, which is based in Cincinnati, says revenue fell almost 4 percent to $5.28 billion. Analysts were estimating a loss of 7 cents on revenue of $5.25 billion.