Black Friday: Macy's CEO Lundgren 'encouraged' by sales traffic

Macy's (M) CEO Terry Lundgren said he's "encouraged" by the level of buying activity at the company's Herald Square store in New York City Friday.

The day after Thanksgiving in the U.S. is nicknamed Black Friday because it's the day when many retailers become profitable for the year. Macy's Chairman and Chief Executive Officer Lundgren told DailyFinance that Macy's sales were strong Friday because of the number of people he saw in the store walking around with purchases.