The department store chain also said Wednesday that it is doubling its quarterly dividend and raising its full-year earnings and sales outlook.
Macy's reported net income of $131 million, or 30 cents per share, in the three months ended April 30. That compares with $23 million, or 5 cents per share, in the same quarter last year.
Revenue reached $5.88 billion, up 5.7 percent.
Revenue at stores open at least a year rose 5.4 percent. The measure is a key indicator of a retailer's health because it excludes stores that opened or closed during the year.
Analysts expected earnings of 18 cents on revenue of $5.89 billion, according to FactSet.
"We are building a culture of growth at Macy's," Terry J. Lundgren, chairman, president and CEO, said in a statement. "Our performance cannot be attributed to a single factor, but rather to the coordinated execution of a series of complementary ... strategies."
Macy's now expects revenue at stores open at least a year to be in the range of about 4 percent for the rest of fiscal 2011. Combined with actual first-quarter figures, that would calculate to growth of about 4.3 percent for the fiscal year. The previous outlook called for 3 percent.
Earnings per share are now expected to be between $2.40 and $2.45 per share, compared with $2.25 to $2.30 per share previously. Analysts had expected $2.34 per share, according to Factset.
Macy's said that based on "the strength, momentum and confidence in our business," it's doubling its quarterly dividend to 10 cents payable July 1 to shareholders on record June 14.