Macy's Feels Optimistic

Macy's,one of the focal points for tracking holiday sales in the retail sector,is pleased with the season opening and has a positive outlook for the year.CEO Terry Lundgren cited about 7,000 people lined up outside the flagship Herald Square location on Black Friday at 4 am.They're very pleased so far.
Retail analyst Dana Telsey of the Telsey Advisory Group agrees that Macy's did well on Black Friday.It's certainly an encouraging start.
Macy's has had a very good year,Mr.Lundgren added.They opened three Bloomingdale's outlets in Q3.In 2010,they've opened six Macy's stores and closed one.They're making sure there's obvious value to the customer at every price point.
They have a lot more confidence based on the momentum so far this year.Sales are up 4-5%.Mr.Lundgren thinks that bodes well for the industry next year.
CNBC's Jim Cramer considers Macy's to be best in breed among department stores.
Macy's(M)