Macy's Q2 sales slightly beat on Bloomingdale, Reimagine 200 strength

Macy's sees 2026 net sales of $21.675 billion to $21.825 billion, up from its prior forecast. The company expects 2026 comparable sales to rise 1.0% to 1.5%, up from 0.5% to 1.2%. Macy's also raised its 2026 adjusted diluted EPS outlook to $2.15 to $2.35 from $2.00 to $2.20.

Macy's said second-quarter net sales rose 1.1%, slightly beating analyst expectations. Adjusted EPS for Q2 rose 14% year over year. The company also repurchased 2.2 million shares for $50 million during the quarter.

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Bloomingdale's delivered double-digit comparable sales growth and achieved its highest Q2 sales volume. Macy's said its Reimagine 200 store initiative led to a 1.9% increase in comparable sales at those locations. The company also said a net tariff refund benefit contributed to gross margin and adjusted EPS in the quarter.

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 9 "hold" and 2 "sell" or "strong sell". The average consensus recommendation for the department stores peer group is "buy." Wall Street's median 12-month price target for Macy's Inc is $24.00, about 11.6% above its September 9 closing price of $21.51. The stock recently traded at 9 times the next 12-month earnings versus a P/E of 10 three months ago.