Macy’s delivers strong Q2 with growth across all banners and channels
Macy’s Inc. exceeded its second-quarter expectations across all key metrics — with results including a standout performance from Bloomingdale’s — and raised its full-year outlook amid signs its turnaround is taking hold.
The department store giant’s total comparable sales rose 2.7%. It marked the fifth consecutive quarter of comp sales gains as the retailer’s merchandising and store investments continue to gain traction.
On the earnings call, Macy’s Inc. CEO Tony Spring said that the company’s customers remained “resilient and engaged” in the second quarter, responding positively to newness across product offerings and lineup of marketing and events.
“Across nameplates, we continue to skew toward middle and upper-income consumers, where performance remains stronger,” he told analysts.
Second Quarter
Macys Inc. reported net income of $169 million, or $0.62 per share, for the quarter ended compared with $87 million, or $0.31 per share, in the year-ago period. Adjusted earnings were $0.40 per share, topping analyst expectations of
Net sales rose 11% to $4.866 billion, topping estimates of $4.83 billion.
By banner, Bloomingdale’s comparable sales increased 11.3%. The luxury brand achieved its highest second-quarter sales volume in its 154-year history. Bluemercury comparable sales increased 6.2%.
Macy’s comparable sales rose 1.1%, with a 1.9% increase for the company’s “reimagine” 200 stores (the locations where the company has made major investments). Spring told analysts that those stores continued to outperform the rest of the fleet and now represent about 60% of go-forward Macy’s stores and 75% of go-forward store sales.
“These stores represent a clear proof point of our ability to drive growth, and we are confident we can continue to expand these initiatives going forward,” he said.
In other results, credit card net revenues increased $3 million, or 2.0%, to $156 million. Macy’s Media Network net revenue increased 8.8%, to $37 million, reflecting partner engagement on the company’s advertising platform, the company said.
Tariff Refunds
Macy’s Inc. has received all of its expected tariff refunds, including $98 million in the second quarter of 2026 and $18 million following the quarter-end, for a total of $116 million.
The company said it is taking a balanced approach to deploying benefits. Approximately $20 million of proceeds will flow to full year EPS. The remaining refunds of $96 million are being invested in 2026 to deliver for our customer, further the Bold New Chapter strategy and support long-term growth.
.“Our second-quarter performance builds on the progress our colleagues have consistently delivered through our Bold New Chapter strategy,” Spring said in the earnings statement. “As we enter the second half of the year, we remain focused on scaling what is resonating most with customers — exciting brands and assortments and compelling events and experiences. Combined with disciplined execution, we expect these efforts to continue to build a durable foundation for sustainable, profitable growth."
Outlook
The company raised its outlook for 2026. Net sales are now expected to hit $21.68 billion to $21.83 billion, up from the previous guidance of $21.5 billion to $21.75 billion. Comparable sales are expected to rise 1% t to 1.5%, compared to previous guidance of 0.5% to 1.2%.
Adjusted earnings per share are expected to total from $2.15 to $2.35, up from the previous guidance of $2 to $2.20 per share.
