Macy’s posted adjusted Q1 EPS of $0.13, beating estimates by $0.10, while net sales rose 1.8% to $4.70 billion, surpassing consensus by $90 million. The company raised full-year net sales guidance to $21.50–21.75 billion and lifted its adjusted EPS forecast to $2.00–2.20.
Macy’s delivered adjusted Q1 EPS of $0.13, outpacing the $0.03 consensus by $0.10, and reported net sales of $4.70 billion, up 1.8%, reflecting momentum in its Bold New Chapter store overhaul strategy.
Comparable sales rose 3% companywide, led by a 10.2% increase at Bloomingdale’s, a 6.4% gain at Bluemercury, and a 1.6% rise at Macy’s stores, including a 2.4% lift at its Reimagine 200 locations.
Gross margin ended at 38.9%, down 30 basis points year-over-year, though flat excluding tariff impacts, while SG&A expenses held at 39.9% of revenue. Adjusted EBITDA was $290 million (5.9% of sales) versus $304 million (6.3%) a year earlier, and GAAP EPS rose to $0.23 from $0.13.
For 2026, Macy’s raised net sales guidance to $21.50–21.75 billion and boosted adjusted EPS forecast to $2.00–2.20, maintaining an EBITDA margin target of 7.7–7.9%. The company ended Q1 with $1.30 billion cash, $2 billion borrowing capacity, repurchased 2.6 million shares for $50 million, and has $1.10 billion remaining under its buyback authorization.
