Cincinnati Macy's returned to profitability in the first quarter on strong sales related to its efforts to tailor its merchandise to local markets. The company, however, said it is too early to further raise its outlook for the year due to economic uncertainty.
Macy’s posted net income of $23 million for the period ending May 1, compared with a loss of $88 million in the year-ago period.
Revenue reached $5.57 billion in the quarter, up from $5.19 billion in the last year's first quarter. Same-store sales rose 5.5%. Online sales surged 34%.
“Today, we are much better able to anticipate and react to customer needs in each location," Terry J. Lundgren, Macy's chairman, president and CEO, said in a statement.
Macy’s said its Bloomingdale's division plans to open a new, smaller store this fall in Santa Monica, Calif., and to launch a Bloomingdale's outlet format with four locations this fall.