Macy's chief executive should have a better financial picture to present this year to shareholders at the retailer's annual meeting Friday.

The department store company, based in Cincinnati, says it returned to profitability in the first quarter after posting a loss for the same period last year.

Macy's Inc. CEO Terry Lundgren told shareholders last year that tailoring the company's merchandise to local markets would be the major focus for 2009. This week, he said the retailer is now reaping the benefits of that effort.

Macy's has corporate offices in Cincinnati and New York, It operates about 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the Macy's and Bloomingdale's names.

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