``Thursday's report added "to the sense that Macy's is on a slippery slope," Neil Saunders, managing director of GlobalData Retail, said in an email. Macy's reported a 39 percent drop in quarterly profit, hurt by a decline in sales and higher inventory, which weighed on its margins. Net income fell to $71 million in the first quarter ended April 29, from $116 million a year earlier.''

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