Macy’s (NYSE: M) reported Wednesday that it returned to a profit in its first quarter due to better-than-expected sales, according to Associated Press.
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Macy's reported net income of $23 million, or 5 cents per share, for the period ending May 1, compared with a loss of $88 million, or 21 cents per share, in the same period last year.
Revenue rose to $5.57 billion, up from $5.19 billion last year.
The company had a gross profit margin of 39.4 percent in the first quarter, up from 38.1 percent.
Net cash from operating activities was $149 million in the first quarter, compared with $3 million. The latest quarter includes a contribution to the company's pension plan of $325 million in the first quarter, compared with $30 million in last year's quarter.
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