Macy’s Swings to Q1 Profit

May 12, 2010 Updated: May 12, 2010

Department store chain Macy’s Inc. announced on Wednesday that it achieved a better-than-expected $23 million in fiscal first-quarter profits.

The Cincinnati-based retailer said that the positive results were due to its recent “My Macy’s” initiative to tailor goods to local markets. Top-line sales were $5.6 billion, a 7 percent increase from the same quarter ended May 1 last year.

“We are much better able to anticipate and react to customer needs in each location through My Macy’s localization,” Chief Executive Terry Lundgren said in a statement.