June 3, 2026

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Macy’s, Inc. (NYSE: M) reported stronger-than-expected first-quarter 2026 results, supported by comparable sales growth across all nameplates, better earnings, and a raised full-year outlook.
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Macy’s is a department store retailer operating Macy’s, Bloomingdale’s, and Bluemercury, with categories spanning apparel, beauty, home, accessories, and luxury retail.
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The company reported adjusted EPS of $0.13, above estimates of $0.02, representing a 550.0% earnings surprise. Revenue came in at $4.89 billion, above estimates of $4.62 billion, with revenue growth of 2.1%.

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Results Showed Broad-Based Sales Momentum

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Macy’s net sales increased 1.8% to $4.7 billion, while comparable sales rose 3.0%, marking the company’s strongest first quarter in four years. Comparable sales increased across Macy’s, Bloomingdale’s, and Bluemercury, with Bloomingdale’s up 10.2% and Bluemercury up 6.4%. Macy’s go-forward comparable sales rose 3.1%, while Reimagine 200 store comps increased 2.4%.
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Gross margin was 38.9%, down 30 basis points from last year, mainly due to tariff pressure. Excluding the tariff impact, gross margin was flat. GAAP net income rose to $63 million from $38 million a year earlier, while adjusted net income increased to $35 million from $31 million. Adjusted EPS improved to $0.13 from $0.11.
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Macy’s ended the quarter with $1.3 billion in cash and $2.0 billion of available borrowing capacity. The company also returned capital to shareholders through $50 million in dividends and $50 million in share repurchases during the quarter.

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Market Focus

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Investors are likely to watch whether Macy’s can keep building momentum from its Bold New Chapter strategy while managing tariffs, store closures, inventory levels, and consumer spending pressure.
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The key areas are comparable sales, Bloomingdale’s strength, Bluemercury growth, Reimagine 200 performance, gross margin, tariff impact, inventory discipline, and full-year guidance.

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The Bigger Picture

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Macy’s delivered a cleaner retail quarter than expected.
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The earnings beat, stronger comps, growth across all nameplates, and raised outlook likely helped offset concerns about tariff pressure and higher operating investments. The results suggest Macy’s turnaround strategy is starting to show more consistent sales traction.
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