Macy’s posts strongest comp sales performance in four years as Q1 tops Street
Macy’s Inc. came out of the gate running in the first quarter with sales increases across its nameplates, led by a surging Bloomingdale’s, as its turnaround continues to build.
On the heels of better-than-expected earnings and revenue, the department store giant raised its full-year comparable sales, net sales and adjusted diluted earnings per share guidance.
Macy’s net sales rose 1.8% to $4.68 billion, topping analysts estimates of $4.61 billion, in the quarter ended May 2. Total comparable sales rose 3%, the strongest increase in four years and the fourth consecutive quarter of comparable sales gains.
By banner, Bloomingdale’s comparable sales surged 10.2% as the luxury department store delivered its highest first-quarter sales volume on record. It was also the chain’s seventh consecutive quarters of gains. Bluemercury achieved comp sales growth of 6.4%.
Comparable sales at Macy’s namesake banner rose 2%, led by continued strength at the chain’s “reimagine" 200 stores (the locations where Macy has made major investments) and digital. Comp sales at the reimagined stores grew 2.4%.
Net income totaled $63 million, or $0.23 per share, compared with $38 million, or $0.13 per share, for the year-ago period. Adjusting earnings per share were $0.13, beating analysts estimates of $0.03 per share.
Macy is about two years into its three-year “Bold New Chapter” turnaround strategy, which includes closing approximately 150 namesake stores while prioritizing investment in approximately 350 “go-forward” nameplate locations, and accelerating growth in the luxury sector. To date, some 200 Macy’s stores have been “reimagined."
"We’re off to a strong start to the year, exceeding expectations for the fifth consecutive quarter as our Bold New Chapter strategy continues to build momentum,” said Macy's CEO and chairman Tony Spring. “We’re operating with discipline and focusing on what matters most – our customers. With the power of our multi-brand, multi-category, multi-generational portfolio, we’re confident in our path to sustainable, profitable growth."
Macy’s now expects 2026 sales to between $21.5 billion to $21.75 billion, up from its previous forecast for $21.4 billion to $21.65 billion in sales.
Comparable sales are now expected to rise 0.5% to 1.2%, compared to the previous forecast of from negative 0.5% to plus 0.5%. Adjusted diluted earnings per share are expected in the range of $2 to $2.20, compared to the previous forecast of $1.90 to $2.10.
