Macy’s, Inc. Reports Strong Second Quarter 2026 Results With Continued Growth Across All Nameplates

Macy’s, Inc. delivered 2.7% comparable sales growth, exceeded its expectations across all key metrics and raised its full-year top- and bottom-line guidance Macy’s comparable sales rose for the fifth consecutive quarter, led by Reimagine 200 stores Bloomingdale’s delivered second consecutive quarter of double-digit comparable sales growth and its highest second-quarter sales volume GAAP EPS was up 100%; Adjusted EPS was up 14% excluding net tariff refund benefit versus last yearNEW YORK--(BUSINESS WIRE)--Macy’s, Inc. (NYSE: M) today reported financial results for the second quarter 2026 and raised its annual guidance. Second Quarter 2026 Highlights Macy’s, Inc. net sales of $4.9 billion increased 1.1% versus last year. Macy’s, Inc. comparable sales1 rose 2.7%, with go-forward1,2 comparable sales up 2.8%. Macy’s comparable sales rose 1.1%, with a 1.9% increase for Reimagine 200 stores. Bloomingdale’s comparable sales increased 11.3% and achieved its highest second-quarter sales volume in the brand’s history. Bluemercury comparable sales increased 6.2%. GAAP diluted EPS was $0.62, up 100%; Adjusted diluted EPS was $0.63, up 14% versus last year excluding a $0.23 net tariff refund benefit. “Our second-quarter performance builds on the progress our colleagues have consistently delivered through our Bold New Chapter strategy,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc. “The investments we're making are driving results across our portfolio, from the continued outperformance of our Reimagine 200 Macy’s stores, to meaningful double-digit growth at Bloomingdale’s and another solid quarter at Bluemercury. 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.” Second Quarter 2026 Results1 (comparisons are to the second quarter of 2025) Macy’s, Inc. net sales increased 1.1% to $4.9 billion. Net sales grew 1.9% excluding the impact of fiscal 2025 store closures.3 Macy’s, Inc. comparable sales rose 2.7% and were positive at each of the company’s nameplates. Macy’s, Inc. go-forward1,2 business comparable sales increased 2.8%. By nameplate: Macy’s comparable sales grew 1.1%. Reimagine 200 locations comparable sales rose 1.9%. Bloomingdale’s comparable sales grew 11.3%. Bluemercury comparable sales increased 6.2%. Other revenue of $193 million increased $6 million, or 3.2%. Within other revenue: Credit card net revenues increased $3 million, or 2.0%, to $156 million, supported by the company’s healthy credit portfolio and stable net credit card losses. Macy’s Media Network net revenue increased $3 million, or 8.8%, to $37 million, reflecting partner engagement on the company’s advertising platform. Gross margin rate of 41.5% increased 180 basis points. Excluding a 180 basis point benefit from net tariff refunds, partially offset by a 10 basis point headwind from ongoing tariff and fuel costs, gross margin rate was up 10 basis points. Selling, general and administrative (“SG&A”) expense as a percent of total revenue decreased 20 basis points to 38.7%. SG&A expense of $1.96 billion increased $16 million, reflecting higher variable costs driven by net sales growth as well as the company’s investments in Bold New Chapter initiatives, partially offset by continued cost management efforts. GAAP net income was $169 million, or 3.3% of total revenue, and Adjusted net income was $170 million, or 3.4% of total revenue. In the second quarter of 2025, net income was $87 million, or 1.7% of total revenue, and Adjusted net income was $98 million, or 2.0% of total revenue. GAAP and Adjusted diluted EPS were $0.62 and $0.63, respectively. These include a gross tariff refund benefit, less investments back into the business, resulting in a net tariff refund benefit of $0.23 in the quarter. In the second quarter of 2025, GAAP and Adjusted diluted EPS were $0.31 and $0.35, respectively. Adjusted earnings before interest, taxes, and depreciation and amortization (“EBITDA”) was $457 million, or 9.0% of total revenue. In the second quarter of 2025, Adjusted EBITDA was $373 million, or 7.5% of total revenue. Balance Sheet and Liquidity Merchandise inventories increased 2.5% year-over-year. The company believes the composition and level of inventories are well-positioned heading into the second half of 2026. The company ended the second quarter of 2026 with cash and cash equivalents of $1.3 billion versus $0.8 billion last year and had $2.0 billion of available borrowing capacity under its asset-based credit facility. As of the end of the second quarter of 2026, total debt was $2.4 billion. The company has no material long-term debt maturities until 2030. Tariff Refunds and Investments Macy’s, Inc. has received all expected International Emergency Economic Powers Act (“IEEPA”) 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 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. Shareholder Returns Through its quarterly dividend, the company returned $51 million in cash to shareholders in the second quarter of 2026 and $101 million in the first half of 2026. Additionally, on August 28, 2026, Macy’s, Inc.’s board of directors declared a regular quarterly dividend of 19.15 cents per share on Macy’s, Inc.’s common stock, payable on October 1, 2026 to shareholders of record at the close of business on September 15, 2026. During the second quarter of 2026, the company repurchased 2.2 million of its shares for $50 million, bringing total repurchases in the first half of 2026 to 4.9 million shares for $100 million. The company had approximately $1.0 billion remaining under its $2.0 billion share repurchase authorization as of the end of the second quarter of 2026. 1: Comparable sales refers to owned-plus-licensed-plus-marketplace sales. All reported nameplate comparable sales results are on a go-forward basis. 2: Inclusive of go-forward locations and digital, unless otherwise specified. For Macy’s, Inc. this reflects go-forward locations and digital across all three nameplates. 3: Fiscal 2025 store closures contributed approximately $35 million in the second quarter of 2025. 2026 Guidance The company raised its annual fiscal year 2026 guidance, including net sales, comparable sales, adjusted EBITDA and adjusted diluted EPS guidance. Full year guidance continues to recognize that there are macroeconomic and geopolitical factors that could influence discretionary spend. As such, the company continues to take a prudent approach to guidance, providing flexibility to respond to changes in the competitive landscape and external environment. Forward-looking guidance incorporates reinvestments of the majority of tariff refunds with approximately $0.05 per share flowing through to full year adjusted diluted EPS. Tariff refunds net of reinvestment benefited adjusted diluted EPS by $0.23 in the second quarter with approximately $0.18 per share of reinvestment in the second half incorporated in guidance. Additionally, guidance reflects planned investments in the company’s Reimagine 200 locations and luxury nameplates to support long-term top-line growth. The full outlook for 2026, including the third quarter of 2026, can be found in the presentation posted to www.macysinc.com/investors. For Macy’s, Inc. the company expects: Guidance as of September 10, 2026 Guidance as of June 3, 2026 Net sales1 $21.675 billion to $21.825 billion $21.5 billion to $21.75 billion Comparable sales change2 1.0% to 1.5% 0.5% to 1.2% Adjusted EBITDA3 as a percent of total revenue 7.8% to 8.0% 7.7% to 7.9% Adjusted diluted EPS3,4 $2.15 to $2.35 $2.00 to $2.20 1: Reflects the impact of fiscal 2025 store closures which contributed roughly $145 million of annual net sales. 2: Comparable sales refers to owned-plus-licensed-plus-marketplace sales. 3: Updated definitions to now exclude gains on sale of real estate and benefit plan income based on the company’s non-GAAP definitions as described in its Form 8-K filed on February 18, 2026. 4: The impact of any potential future share repurchases associated with the company’s current share repurchase authorization is not considered within guidance. The company does not provide reconciliations of the forward-looking non-GAAP measures of Adjusted EBITDA as a percent of total revenue and Adjusted diluted EPS to the most directly comparable forward-looking GAAP measures, and is unable to address the probable significance to future results of any items excluded from these measures, because the timing and amount of excluded items are unreasonably difficult to fully and accurately estimate. See Important Information Regarding Non-GAAP Financial Measures. Conference Call and Webcast A webcast of Macy's, Inc.’s call with analysts and investors to report its second quarter of 2026 sales and earnings will be held today (September 10, 2026) at 8:00 a.m. ET. Macy’s, Inc.’s webcast, along with the associated presentation, is accessible to the media and general public via the company's website at www.macysinc.com. Analysts and investors may call 1-877-407-0832. A replay of the conference call will be available on the company’s website or by calling 1-877-660-6853, using passcode 13761151, about two hours after the conclusion of the call. Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/newsroom. Important Information Regarding Non-GAAP Financial Measures Please see the final pages of this news release for important information regarding the calculation of the company’s non-GAAP financial measures. About Macy’s, Inc. Macy’s, Inc. (NYSE: M) is a trusted source for quality brands through our iconic nameplates – Macy’s, Bloomingdale’s and Bluemercury. Headquartered in New York City, our comprehensive digital and nationwide footprint empowers us to deliver a seamless shopping experience for our customers. For more information, visit macysinc.com. Forward-Looking StatementsRead the full story here

Macy’s, Inc. Reports Strong Second Quarter 2026 Results With Continued Growth Across All Nameplates

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