Macy's Inc. turned a profit in the third quarter, compared with a loss a year earlier, as it increasingly tailors merchandise to local markets and woos shoppers with exclusive brands.
The company raised its forecast for a key revenue measure for the second half of its fiscal year, lifting hopes that Macy's will have a decent holiday shopping season even as shoppers grapple with high unemployment.
Macy's said it has benefited from its move more than a year ago to put merchandising decisions closer to customers at all its namesake stores. Exclusive offerings like the trendy and moderately priced Material Girl collection -- created by pop star Madonna and her 13-year-old daughter Lourdes -- also have brought in new shoppers, the company said.
The company said it earned $10 million, or 2 cents per share, for the period ended Oct. 30. That compares with a loss of $35 million, or 8 cents per share, a year ago. Its revenue rose 6.6 percent to $5.6 billion.
