By  on November 11, 2009

Macy’s, the nation’s biggest department store chain and an industry bellwether, cut its losses in the third quarter and now has a brighter outlook on the holiday season.

Executives, in a surprisingly upbeat mood despite the nation’s rising unemployment and economic uncertainties, said the new view stems from a recent uptick in mall traffic; strong sales of private labels, exclusive merchandise and online; better business at Bloomingdale’s; lower inventories overall, and the My Macy’s localization program. However, the retailer’s shares fell Wednesday after its fourth-quarter profit projection was below Wall Street’s expectations.

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