Macy’s swings to profit in Q4

New York City Macy's said Tuesday that it swung to a profit of $466 million in the quarter ended Jan. 30, from a loss of $4.77 billion in the year-ago period, as lower expenses helped the department store operator even as sales dipped. Results topped Wall Street estimates.

Sales in the quarter ended Jan. 30 fell to $7.85 billion from $7.93 billion. Same-store sales fell 0.8%.

"We believe this momentum will continue in 2010 as we challenge our very talented organization, which is energized and focused, to further improve sales and earnings," chairman, president and CEO Terry Lundgren said in a statement.

Lundgren said sales trends have started to get better, with efforts to localize its merchandise to regional markets, strong online sales and Bloomingdale's recovery all contributing.